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Category: GlobeNewswire

  • MIL-OSI: Talen Energy Reports First Quarter 2025 Results, Affirms and Narrows 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Earnings Release Highlights

    • First quarter GAAP Net Income (Loss) Attributable to Stockholders of $(135) million.
    • First quarter Adjusted EBITDA of $200 million and Adjusted Free Cash Flow of $87 million, ahead of internal estimates.
    • Affirming and narrowing 2025 guidance; 2026 outlook unchanged.
    • Extended the Susquehanna Unit 2 refueling outage to perform incremental maintenance that is expected to improve capacity performance and efficiency.
    • The Federal Energy Regulatory Commission (the “FERC”) approved the terms of the reliability-must-run (“RMR”) settlement agreement between Talen, PJM, and key stakeholders to run units at Brandon Shores and H.A. Wagner generation facilities through May 31, 2029.

    HOUSTON, May 08, 2025 (GLOBE NEWSWIRE) — Talen Energy Corporation (“Talen,” the “Company,” “we,” or “our”) (NASDAQ: TLN), an independent power producer dedicated to powering the future, today reported its first quarter 2025 financial and operating results.

    “We are pleased today to report Talen’s solid start to the year. Our fleet ran well during periods of high demand demonstrating the value of our dispatchable fleet, earning $200 million of Adjusted EBITDA and $87 million of Adjusted Free Cash Flow. We are affirming and narrowing guidance. We remain committed to shareholders and continued to repurchase stock during the first quarter under our share repurchase program,” said Talen President and Chief Executive Officer Mac McFarland.

    McFarland continued, “The FERC approved our RMR settlement agreement, ensuring the units at our Brandon Shores and H.A. Wagner assets continue to support the grid in and around Baltimore. The AWS campus is energized and we are actively executing under this arrangement. We continue to pursue commercial and regulatory solutions for the Susquehanna ISA amendment.”

    Summary of Financial and Operating Results (Unaudited)

        Three Months Ended March 31,
    (Millions of Dollars Unless Otherwise Stated)   2025   2024
    GAAP Net Income (Loss) Attributable to Stockholders   $ (135 )   $ 294  
    Adjusted EBITDA     200       289  
    Adjusted Free Cash Flow     87       194  
    Total Generation (TWh) (a)     9.7       8.1  
    Carbon-Free Generation     46 %     58 %
    OSHA TRIR (b)     0.4       0.3  
    Fleet EFOF (c)     1.2 %     1.9 %

    ______________________

    (a) Total generation is net of station use consumption, where applicable, includes volumes produced by Susquehanna in support of Nautilus operations and includes generation from ERCOT assets for the three months ended March 31, 2024.
    (b) OSHA Total Recordable Incident Rate (“OSHA TRIR”) is the number of recordable incidents x 200,000 / total number of manhours worked. Only includes Talen-operated generation facilities (i.e., excludes Conemaugh and Keystone).
    (c) Fleet Equivalent Forced Outage Factor (“Fleet EFOF”) is the percentage of a given period in which a generating unit is not available due to forced outages and forced de-rates. Represents all generation facilities, including our portion of partially-owned facilities.
       

    For the quarter ended March 31, 2025, we reported GAAP Net Income (Loss) Attributable to Stockholders of $(135) million, Adjusted EBITDA of $200 million and Adjusted Free Cash Flow of $87 million. GAAP Net Income (Loss) Attributable to Stockholders decreased $(429) million compared to prior year, primarily due to the absence of the gain on the sale of the AWS Data Campus, unrealized losses in the nuclear facility decommission trust, and lower realized hedge gains due to higher settled PJM West Hub on-peak prices as a result of colder than normal weather. The decrease in Adjusted EBITDA of $(89) million and Adjusted Free Cash Flow of $(107) million compared to first quarter 2024 was primarily due to lower realized hedge gains.

    Our generation fleet continued to run reliably and safely, with a Fleet EFOF of 1.2% and an OSHA TRIR of 0.4. Total generation was 9.7 TWh, with 46% contributed from carbon-free nuclear generation at our Susquehanna nuclear facility. Also, our PJM gas-fired assets were dispatched more frequently during times of peak load than they were in 2024.

    Affirming and Narrowing 2025 Guidance; 2026 Outlook Unchanged

    (Millions of Dollars)   2025E
    Adjusted EBITDA   $975 – $1,125
    Adjusted Free Cash Flow   $450 – $540
         

    Susquehanna Refueling Outage

    On March 25, 2025, Susquehanna commenced its planned refueling outage on Unit 2. During the outage, we identified incremental maintenance in the non-nuclear portion of the Unit which we expect will lead to operational efficiency. As a prudent operator, we have elected to complete this scope of work while Unit 2 is already in outage and market prices and demand are relatively low. The incremental maintenance investment is expected to add roughly $20 million of additional spend and extend the outage into mid-May. We anticipate the resulting improvements in operational efficiency of Unit 2 will be long-term in nature and pay back the additional costs and lost margin in approximately one-and-a-half years.

    RMR Arrangement

    On May 1, 2025, the FERC approved the terms under which Talen will operate the units at its Brandon Shores and H.A. Wagner generation facilities until May 31, 2029, beyond their scheduled May 31, 2025 retirement dates. Talen, PJM, and a broad coalition of the Maryland Public Service Commission, Maryland customers, and electric utilities reached agreement in January 2025 on the “reliability-must-run” or “RMR” agreement. Under the RMR agreement, Brandon Shores Units 1 and 2 and H.A. Wagner Units 3 and 4 will remain in service and provide power necessary to maintain grid and transmission reliability in and around the City of Baltimore until transmission upgrades to provide reliable power to the area from other sources are complete. Beginning June 1, 2025, we expect to receive $145 million annually for Brandon Shores and $35 million for H.A. Wagner with some performance incentives.

    Share Repurchases

    Since the start of 2024, we have repurchased approximately 14 million shares, or 23% of our outstanding shares, for a total of approximately $2 billion, with $995 million remaining under our share repurchase program through year-end 2026. During the first quarter 2025, we repurchased 452,130 shares of stock for a total of $83 million. All share repurchase amounts exclude transaction costs.

    Balance Sheet and Liquidity

    We are focused on maintaining net leverage below our target of 3.5x net debt-to-Adjusted EBITDA, along with ample liquidity. As of May 2, 2025, we had total available liquidity of approximately $970 million, comprised of $270 million of unrestricted cash and $700 million of available capacity under the revolving credit facility. Our projected net leverage ratio, utilizing the 2025E Adjusted EBITDA midpoint and net debt balance as of May 2, 2025, is approximately 2.6x.

    Update on Hedging Activities

    As of March 31, 2025, including the impact of the Nuclear PTC, we had hedged approximately 95% of our expected generation volumes for 2025, 60% for 2026 and 30% for 2027. The Company’s hedging program is a key component of our comprehensive risk policy and supports the objective of increasing cash flow stability while maintaining upside optionality.

    Earnings Call

    The Company will hold an earnings call on Thursday, May 8, 2025, at 9:00 a.m. EDT (8:00 a.m. CDT). To listen to the earnings call, please register in advance for the webcast here. For participants joining the call via phone, please register here prior to the start time to receive dial-in information. For those unable to participate in the live event, a digital replay of the earnings call will be archived for approximately one year and available on Talen’s Investor Relations website at https://ir.talenenergy.com/news-events/events.

    About Talen

    Talen Energy (NASDAQ: TLN) is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 10.7 gigawatts of power infrastructure in the United States, including 2.2 gigawatts of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet principally located in the Mid-Atlantic and Montana. Our team is committed to generating power safely and reliably and delivering the most value per megawatt produced. Talen is also powering the digital infrastructure revolution. We are well-positioned to capture this significant growth opportunity, as data centers serving artificial intelligence increasingly demand more reliable, clean power. Talen is headquartered in Houston, Texas. For more information, visit https://www.talenenergy.com/.

    Investor Relations:
    Sergio Castro
    Vice President & Treasurer
    InvestorRelations@talenenergy.com 

    Media:
    Taryne Williams
    Director, Corporate Communications
    Taryne.Williams@talenenergy.com 

    Forward Looking Statements

    This communication contains forward-looking statements within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this communication, or incorporated by reference into this communication, are forward-looking statements. Throughout this communication, we have attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecasts,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” or other forms of these words or similar words or expressions or the negative thereof, although not all forward-looking statements contain these terms. Forward-looking statements address future events and conditions concerning, among other things, capital expenditures, earnings, litigation, regulatory matters, hedging, liquidity and capital resources and accounting matters. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, financial condition, results of operations or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this communication. All of our forward-looking statements include assumptions underlying or relating to such statements that may cause actual results to differ materially from expectations, and are subject to numerous factors that present considerable risks and uncertainties.

     
    TALEN ENERGY CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
         
        Three Months Ended March 31,
    (Millions of Dollars, except share data)   2025   2024
    Capacity revenues   $ 49     $ 45  
    Energy and other revenues     582       572  
    Unrealized gain (loss) on derivative instruments     (241 )     (108 )
    Operating Revenues     390       509  
             
    Fuel and energy purchases     (268 )     (150 )
    Nuclear fuel amortization     (26 )     (35 )
    Unrealized gain (loss) on derivative instruments     59       (27 )
    Energy Expenses             (235 )             (212 )
             
    Operating Expenses        
    Operation, maintenance and development     (146 )     (154 )
    General and administrative     (34 )     (43 )
    Depreciation, amortization and accretion     (74 )     (75 )
    Other operating income (expense), net     (7 )     —  
    Operating Income (Loss)             (106 )     25  
    Nuclear decommissioning trust funds gain (loss), net     (12 )     75  
    Interest expense and other finance charges     (74 )     (59 )
    Gain (loss) on sale of assets, net     2       324  
    Other non-operating income (expense), net     3       23  
    Income (Loss) Before Income Taxes             (187 )     388  
    Income tax benefit (expense)     52       (69 )
    Net Income (Loss)             (135 )     319  
    Less: Net income (loss) attributable to noncontrolling interest     —       25  
    Net Income (Loss) Attributable to Stockholders   $         (135 )   $ 294  
    Per Common Share        
    Net Income (Loss) Attributable to Stockholders – Basic   $ (2.94 )   $ 5.00  
    Net Income (Loss) Attributable to Stockholders – Diluted   $ (2.94 )   $ 4.84  
    Weighted-Average Number of Common Shares Outstanding – Basic (in thousands)     45,849       58,807  
    Weighted-Average Number of Common Shares Outstanding – Diluted (in thousands)     45,849       60,716  
    TALEN ENERGY CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
             
    (Millions of Dollars, except share data)   March 31,
    2025    		   December 31,
    2024
    Assets        
    Cash and cash equivalents   $ 295     $ 328  
    Restricted cash and cash equivalents     25       37  
    Accounts receivable     100       123  
    Inventory, net     219       302  
    Derivative instruments     33       66  
    Other current assets     174       184  
    Total current assets     846       1,040  
    Property, plant and equipment, net     3,138       3,154  
    Nuclear decommissioning trust funds     1,717       1,724  
    Derivative instruments     5       5  
    Other noncurrent assets     159       183  
    Total Assets   $ 5,865     $ 6,106  
             
    Liabilities and Equity        
    Long-term debt, due within one year   $ 17     $ 17  
    Accrued interest     54       18  
    Accounts payable and other accrued liabilities     203       266  
    Derivative instruments     92       —  
    Other current liabilities     156       154  
    Total current liabilities     522       455  
    Long-term debt     2,975       2,987  
    Derivative instruments     42       7  
    Postretirement benefit obligations     289       305  
    Asset retirement obligations and accrued environmental costs     468       468  
    Deferred income taxes     294       362  
    Other noncurrent liabilities     95       135  
    Total Liabilities   $ 4,685     $ 4,719  
    Commitments and Contingencies        
             
    Stockholders’ Equity        
    Common stock ($0.001 par value, 350,000,000 shares authorized) (a)   $ —     $ —  
    Additional paid-in capital     1,718       1,725  
    Accumulated retained earnings (deficit)     (528 )     (326 )
    Accumulated other comprehensive income (loss)     (10 )     (12 )
    Total Stockholders’ Equity     1,180       1,387  
    Total Liabilities and Stockholders’ Equity   $ 5,865     $ 6,106  

    ______________________
    (a) 45,509,780 and 45,961,910 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.

    TALEN ENERGY CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                 
        Three Months Ended March 31,
    (Millions of Dollars)   2025   2024
    Operating Activities            
    Net Income (Loss)   $ (135 )   $ 319  
    Non-cash reconciliation adjustments:            
    Unrealized (gains) losses on derivative instruments   196     128  
    Depreciation, amortization and accretion   72     74  
    Deferred income taxes   (70 )   57  
    Nuclear fuel amortization   26     35  
    Nuclear decommissioning trust funds (gain) loss, net (excluding interest and fees)   23     (64 )
    (Gain) loss on AWS Data Campus Sale   —     (324 )
    Other   37     (42 )
    Changes in assets and liabilities:            
    Accounts receivable   23     11  
    Inventory, net   83     89  
    Other assets   22     (1 )
    Accounts payable and accrued liabilities   (60 )   (154 )
    Accrued interest   36     29  
    Collateral received (posted), net   (67 )   5  
    Other liabilities   (67 )   11  
    Net cash provided by (used in) operating activities   119     173  
    Investing Activities            
    Nuclear decommissioning trust funds investment purchases   (592 )   (564 )
    Nuclear decommissioning trust funds investment sale proceeds   581     553  
    Nuclear fuel expenditures   (46 )   (41 )
    Property, plant and equipment expenditures   (18 )   (25 )
    Proceeds from AWS Data Campus Sale   —     339  
    Other   7     3  
    Net cash provided by (used in) investing activities   (68 )   265  
    Financing Activities            
    Share repurchases   (83 )   (30 )
    Deferred financing costs   (9 )   —  
    Debt repayments   (4 )   (2 )
    Cumulus Digital TLF repayment   —     (182 )
    Repurchase of noncontrolling interest   —     (39 )
    Other   —     (6 )
    Net cash provided by (used in) financing activities           (96 )           (259 )
    Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents           (45 )   179  
    Beginning of period cash and cash equivalents and restricted cash and cash equivalents   365     901  
    End of period cash and cash equivalents and restricted cash and cash equivalents   $         320     $         1,080  
                 

    Non-GAAP Financial Measures

    Adjusted EBITDA and Adjusted Free Cash Flow, which we use as measures of our performance and liquidity, are not financial measures prepared under GAAP. Non-GAAP financial measures do not have definitions under GAAP and may be defined and calculated differently by, and not be comparable to, similarly titled measures used by other companies. Non-GAAP measures are not intended to replace the most comparable GAAP measures as indicators of performance. Generally, a non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. Management cautions readers not to place undue reliance on the following non-GAAP financial measures, but to also consider them along with their most directly comparable GAAP financial measures. Non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analyzing our results as reported under GAAP.

    Adjusted EBITDA

    We use Adjusted EBITDA to: (i) assist in comparing operating performance and readily view operating trends on a consistent basis from period to period without certain items that may distort financial results; (ii) plan and forecast overall expectations and evaluate actual results against such expectations; (iii) communicate with our Board of Directors, shareholders, creditors, analysts, and the broader financial community concerning our financial performance; (iv) set performance metrics for our annual short-term incentive compensation; and (v) assess compliance with our indebtedness.

    Adjusted EBITDA is computed as net income (loss) adjusted, among other things, for certain: (i) nonrecurring charges; (ii) non-recurring gains; (iii) non-cash and other items; (iv) unusual market events; (v) any depreciation, amortization, or accretion; (vi) mark-to-market gains or losses; (vii) gains and losses on the nuclear facility decommissioning trust (“NDT”); (viii) gains and losses on asset sales, dispositions, and asset retirement; (ix) impairments, obsolescence, and net realizable value charges; (x) interest expense; (xi) income taxes; (xii) legal settlements, liquidated damages, and contractual terminations; (xiii) development expenses; (xiv) noncontrolling interests, except where otherwise noted; and (xv) other adjustments. Such adjustments are computed consistently with the provisions of our indebtedness to the extent that they can be derived from the financial records of the business. Pursuant to TES’s debt agreements, Cumulus Digital contributes to Adjusted EBITDA beginning in the first quarter 2024, following termination of the Cumulus Digital credit facility and associated cash flow sweep.

    Additionally, we believe investors commonly adjust net income (loss) information to eliminate the effect of nonrecurring restructuring expenses and other non-cash charges, which can vary widely from company to company and from period to period and impair comparability. We believe Adjusted EBITDA is useful to investors and other users of our financial statements to evaluate our operating performance because it provides an additional tool to compare business performance across companies and between periods. Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to such items described above. These adjustments can vary substantially from company to company and period to period depending upon accounting policies, book value of assets, capital structure, and the method by which assets were acquired.

    Adjusted Free Cash Flow

    Adjusted Free Cash Flow is utilized by our chief operating decision makers to evaluate cash flow activities. Adjusted Free Cash Flow is computed as Adjusted EBITDA reduced by capital expenditures (including nuclear fuel but excluding development, growth, and (or) conversion capital expenditures), cash payments for interest and finance charges, cash payments for income taxes (excluding income taxes paid from the NDT, taxes paid or deductions taken as a result of strategic asset sales, and benefits of the Nuclear PTC utilized to reduce income taxes paid), and pension contributions.

    We believe Adjusted Free Cash Flow is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to determine a company’s ability to meet future obligations and to compare business performance across companies and across periods. Adjusted Free Cash Flow is widely used by investors to measure a company’s levered cash flow without regard to items such as ARO settlements; nonrecurring development, growth and conversion expenditures; and cash proceeds or payments for the sale or purchase of assets, which can vary substantially from company to company and from period to period depending upon accounting methods, book value of assets, capital structure, and the method by which assets were acquired.

    Adjusted EBITDA / Adjusted Free Cash Flow Reconciliation

    The following table presents a reconciliation of the GAAP financial measure of “Net Income (Loss)” presented on the Consolidated Statements of Operations to the non-GAAP financial measures of Adjusted EBITDA and Adjusted Free Cash Flow:

        Three Months Ended March 31,
    (Millions of Dollars)   2025   2024
    Net Income (Loss)   $ (135 )   $ 319  
    Adjustments        
    Interest expense and other finance charges     74       59  
    Income tax (benefit) expense     (52 )     69  
    Depreciation, amortization and accretion     74       75  
    Nuclear fuel amortization     26       35  
    Unrealized (gain) loss on commodity derivative contracts     182       134  
    Nuclear decommissioning trust funds (gain) loss, net     12       (75 )
    Stock-based and other long-term incentive compensation expense     13       18  
    (Gain) loss on asset sales, net (a)     (2 )     (324 )
    Operational and other restructuring activities     9       2  
    Noncontrolling interest     —       (11 )
    Other     (1 )     (12 )
    Total Adjusted EBITDA   $ 200     $ 289  
             
    Capital expenditures, net     (64 )     (59 )
    Interest and finance charge payments     (23 )     (34 )
    Income taxes     (9 )     —  
    Pension contributions     (17 )     (2 )
    Total Adjusted Free Cash Flow   $ 87     $ 194  

    ______________________
    (a) See Note 18 to the Q1 2025 Financial Statements for additional information.

    Adjusted EBITDA / Adjusted Free Cash Flow Reconciliation: 2025 Guidance

        2025E
    (Millions of Dollars)   Low   High
    Net Income (Loss)   $ 205     $ 325  
             
    Adjustments        
    Interest expense and other finance charges     235       245  
    Income tax (benefit) expense     60       80  
    Depreciation, amortization and accretion     295       295  
    Nuclear fuel amortization     105       105  
    Unrealized (gain) loss on commodity derivative contracts     75       75  
    Adjusted EBITDA   $ 975     $ 1,125  
             
    Capital expenditures, net   $ (190 )   $ (210 )
    Interest and finance charge payments     (210 )     (220 )
    Income taxes     (70 )     (80 )
    Pension contributions     (55 )     (75 )
    Adjusted Free Cash Flow   $ 450     $ 540  

    ______________________
    Note: Figures are rounded to the nearest $5 million.

    The MIL Network –

  • MIL-OSI: GDEV releases 2024 Energy and Impact Report

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — As part of GDEV Management, LLC’s (GDEV) commitment to support sustainable infrastructure and energy technologies, GDEV today released its 2024 Energy and Impact Report. GDEV’s investments scale energy businesses and advance critical infrastructure. With more than $400 million deployed in over a dozen platform investments, GDEV continues to bridge the gap between capital markets and real asset development.

    Notable takeaways from GDEV’s 2024 Energy and Impact Report include:

    • GDEV’s portfolio includes 12 active sustainable infrastructure platforms and 421 full time employees.
    • Portfolio companies have developed, owned or financed more than 332 MW of generation capacity, which provides 652 GWh of clean power per annum, as well as 261 MWh of storage capacity, which provides for 219 GWh of grid flexibility per annum.
    • Portfolio companies have enabled over $643 million in project investment and have a combined pipeline representing over $20 billion in capital expenditures.

    The Energy and Impact Report spotlights a handful of GDEV portfolio companies driving the energy transition including Relevate Power, Telyon and Nexus Holdings:

    • Relevate Power, a redeveloper of hydropower assets with 36 facilities across 8 states and 25 river systems, produces over 250 GWh of clean energy generation per annum.
    • Telyon, a vertically integrated energy development company specializing in commercial and industrial solar energy and battery storage, is actively developing in 24 states and has 50MW of projects under operation and construction.
    • Nexus Holdings, an investment and advisory firm for low-carbon infrastructure projects, has supported the development and execution of more than 400 unique infrastructure projects that represent $300 billion in capital expenditures.

    “GDEV’s deep industry expertise, strategic partnerships, and flexible capital solutions put us in a strong position to navigate this landscape and support the growth of companies in the energy infrastructure space,” said Benjamin Baker, Managing Partner of GDEV. “As we look ahead, we remain committed to accelerating the development of energy solutions that strengthen the grid, improve market accessibility, and drive innovation across the sector.”

    About GDEV Management, LLC
    GDEV Management, LLC is a middle market infrastructure private equity business that invests in high-growth sustainable infrastructure companies across sectors including renewable energy, energy efficiency, grid infrastructure, transport and sustainable fuels. GDEV Management, LLC is affiliated with Greenbacker Capital Management, LLC, an SEC-registered investment adviser.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. GDEV undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations. Additionally, past performance is not a guarantee or indicator of future results.

    Disclaimers
    Portfolio Company data is based on self-reporting per respective portfolio company as of 12/31/24. Represents all portfolio companies, including both exited and currently in portfolio, as of 12/31/24 or at time of exit. Exited portfolio companies data are excluded from project pipelines and scope emissions.

    Media Contacts
    Mission Control for GDEV Management, LLC
    GDEV@missionc2.com

    The MIL Network –

  • MIL-OSI: Angus Gold Announces Cancellation of Underlying Royalty on the Golden Sky Project

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 08, 2025 (GLOBE NEWSWIRE) — Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) is pleased to announce the cancellation of a 2% Net Smelter Royalty (“NSR”) pursuant to a buyback purchase from IAMGOLD Corporation.

    The NSR was applicable to the Mishi Property located in Wawa Ontario which was acquired under an option with IAMGOLD Corporation and is 100% owned by Angus. The royalty covered approximately one-third of the Golden Sky Project land package, including the Banded Iron Formation Gold Zone (“BIF”) and the Eagle River Splay exploration area. The Company has drilled approximately 12,000 metres to date at the BIF Gold Zone, and the Eagle River Splay Area is a high priority exploration target. The purchase price for the NSR was a cash payment of US$750,000.

    About Angus Gold:
    Angus Gold Inc. is a Canadian mineral exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company’s flagship project is the Golden Sky Project in Wawa, Ontario. The Project is immediately adjacent to the Eagle River Mine of Wesdome Gold Mines Ltd. (“Wesdome”). 

    Wesdome and Angus have entered into a definitive arrangement agreement whereby Wesdome will acquire all of the issued and outstanding common shares of Angus pursuant to a plan of arrangement (the “Arrangement”). For further information see the press release of the Company dated April 7, 2025.

    On behalf of Angus Gold Inc.,

    Breanne Beh
    President and Chief Executive Officer

    INQUIRIES:
    Lindsay Dunlop, Vice President Investor Relations
    Email: info@angusgold.com
    Phone: 647-259-1790
    Company Website: www.angusgold.com 

    TSXV: GUS | USOTC: ANGVF

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Forward-Looking Statements

    This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the benefits and advantages of the cancellation of the NSR and, in general, the Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the economic rationale for the cancellation of the NSR may not be realized; the ability to satisfy the conditions of closing for the Arrangement including the necessary shareholder and court approvals, and otherwise complete the Arrangement on the terms as announced or at all; the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices supply chain disruptions, restrictions on labour and workplace attendance and local and international travel, failure to receive requisite approvals in respect of the transactions contemplated by the Agreement, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

    The MIL Network –

  • MIL-OSI: Cielo Issues Letter to Shareholders

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Cielo Waste Solutions Corp. (TSXV: CMC; OTC PINK: CWSFF) (“Cielo” or the “Company”) is pleased to have issued today a letter to shareholders, as below:

    Dear Shareholders,

    Thank you to all those who attended our webinar on April 17, 2025. We are grateful for your continued interest in and support of Cielo and the future we have envisioned for the Company.

    Following the announcement of the proposed unwinding of our previous transaction (announced on April 30, 2025), I would like to reaffirm our commitment to a forward-focused strategy that enhances Cielo’s core mission and long-term growth objectives. Cielo is a waste solutions company.  Our mission is to match waste products and by-products with compatible technologies that effectively reduce environmental impact while achieving and maintaining profitability. Rather than relying on a single technology, Cielo remains strategically flexible, leveraging lessons learned through development, ownership, acquisition, and licensing of past technologies. While we recognize the benefits of owning or licensing technology, our business model does not depend on it. Instead, we see value in investing in proven technologies under trusted vendor-customer relationships, mitigating risks and reducing anticipated timelines while strengthening our asset base through capital expenditures and fully constructed facilities. By maintaining a technology-agnostic approach, we can strategically allocate resources to drive growth and focus on our core mission of delivering effective waste solutions.

    Cielo’s first proposed project is the development of a waste to hydrogen facility in British Columbia. We will deploy a process designed to produce minimal waste by converting scrap railway tie feedstock into usable energy while generating value through Low Carbon Fuel Standard (LCFS) credits and access to various government programs. We expect this will position Cielo to deliver both strong environmental outcomes and meaningful economic returns.

    We appreciate your continued trust and support as we execute on the development of our British Columbia facility. We look forward to sharing milestones and providing updates in our forthcoming webinars and news releases. Should you have any questions or wish to discuss our progress further, please feel free to contact me directly.

    Sincerely,

    Ryan C. Jackson
    Chief Executive Officer

    Financing

    Cielo also announces that it will not proceed with the shares for debt transactions as previously disclosed on January 21, 2025. However, the Company remains committed to completing such transactions under revised terms, which will be announced in the coming days.   Additionally, Cielo intends to undertake a private placement offering of securities, with further details to be announced shortly after this news release. These financial initiatives align with the Company’s strategic growth objectives, reinforcing its commitment to operational strength and long-term value creation.

    ABOUT CIELO

    Cielo Waste Solutions Corp. is a publicly traded company focused on transforming waste materials into high-value products. Cielo seeks to address global waste challenges while contributing to the circular economy and reducing carbon emissions. Cielo is fueling renewable change with a mission to be a leader in the wood by-product-to-fuels industry by using environmentally friendly, economically sustainable and market-ready technologies. Cielo is committed to helping society which the Company believes will contribute to generating positive returns for shareholders. Cielo shares are listed on the TSX Venture Exchange under the symbol “CMC,” as well as on the OTC Pink Market under the symbol “CWSFF.”

    For further information please contact:

    Cielo Investor Relations

    Ryan C. Jackson, CEO

    Phone: (403) 348-2972

    Email: investors@cielows.com

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project”, “should” or similar words, including negatives thereof, suggesting future outcomes.

    Forward-looking statements are subject to both known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Cielo, that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions. The Company is making forward-looking statements, including but not limited to, with respect to: its strategic initiatives, business model, and potential benefits and outcomes; its proposed project in British Columbia and related matters, including with respect to grants and credits; anticipated shares for debt transactions and private placement offering; future news releases and webinars.

    Investors should continue to review and consider information disseminated through news releases and filed by Cielo on SEDAR+. Although the Company has attempted to identify crucial factors that could cause actual results to differ materially from those contained in forward looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

    Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Cielo’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

    The MIL Network –

  • MIL-OSI: Kaltura Announces Financial Results for First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Kaltura, Inc. (“Kaltura” or the “Company”), the video experience cloud, today announced financial results for the first quarter ended March 31, 2025, as well as outlook for the second quarter and full year 2025.

    “We surpassed our guidance for the first quarter, delivering record total and subscription revenue, as well as significant Net loss improvement on a GAAP basis, and on a non-GAAP basis – a record positive Adjusted net income, Adjusted EBITDA, and earnings profitability per share. We also posted record ARR and the highest net dollar retention rate since the first quarter of 2022,” said Ron Yekutiel, Co-founder, Chairman, President and Chief Executive Officer of Kaltura.   “We continue to forecast for the full year a return to growth of new bookings fueled by customer consolidation around our platform, maturity of our newer products, exciting new Gen AI capabilities which customers have increasingly been adopting, growth potential within our great customer base, and a gradual growth in our sales force.”

    First Quarter 2025 Financial Highlights:

    • Revenue for the first quarter of 2025 was $47.0 million, an increase of 5% compared to $44.8 million for the first quarter of 2024.
    • Subscription Revenue for the first quarter of 2025 was $44.9 million, an increase of 9% compared to $41.2 million for the first quarter of 2024.
    • Annualized Recurring Revenue (ARR) for the first quarter of 2025 was $174.8 million, an increase of 7% compared to $162.7 million for the first quarter of 2024.
    • GAAP Gross profit for the first quarter of 2025 was $32.7 million, representing a gross margin of 70% compared to a GAAP gross profit of $28.6 million and gross margin of 64% for the first quarter of 2024. 
    • Non-GAAP Gross profit for the first quarter of 2025 was $33.0 million, representing a non-GAAP gross margin of 70%, compared to a non-GAAP gross profit of $29.0 million and non-GAAP gross margin of 65% for the first quarter of 2024. 
    • GAAP Operating loss was $1.6 million for the first quarter of 2025, compared to an operating loss of $7.3 million for the first quarter of 2024.
    • Non-GAAP Operating income was $3.1 million for the first quarter of 2025, compared to a non-GAAP operating loss of $0.6 million for the first quarter of 2024.
    • GAAP Net loss was $1.1 million or $0.01 per diluted share for the first quarter of 2025, compared to a GAAP net loss of $11.1 million, or $0.08 per diluted share, for the first quarter of 2024.
    • Non-GAAP Net income was $3.5 million or $0.02 per diluted share for the first quarter of 2025, compared to a non-GAAP net loss of $4.4 million, or $0.03 per diluted share, for the first quarter of 2024.
    • Adjusted EBITDA was $4.1 million for the first quarter of 2025, compared to adjusted EBITDA of $0.6 million for the first quarter of 2024.
    • Net Cash Used in Operating Activities was $1.0 million for the first quarter of 2025, compared to $1.1 million for the first quarter of 2024.

    First Quarter 2025 Business Highlights:

    • Closed one new seven-digit deal and fifteen six-digit deals, similar to first quarter 2024, reflecting typical seasonality
    • Sequential and year-over-year improvement in net dollar retention rate, reaching 107% – best since first quarter of 2022
    • Growing interest in Gen AI products – more than 150 customers already showing interest representing roughly 20% of our customer base. We think this represents a significant upsell opportunity for us in the coming quarters
    • Recognized by Gartner as a representative vendor in their 2025 Market Guides for both Video Platform Services and Meeting Solutions
    • Kaltura TV Genie recently won the Product of the Year award for Streaming at the 2025 NAB Show
    • Held our first Investor Event in our NYC office and remotely using our Events Platform. Conducted product demos and a customer panel and provided additional insights about our long-term financial goal.   Recording of the event and its presentation deck are available in the Investor section of our website
    • “Kaltura Connect on the road” series of customers events to be held in New York (May 13th), San Francisco (May 15th), and London (May 20th), followed by six ‘Connect in Education’ events across the US and Europe and virtually for APAC organizations.   Information is available on our website

    Financial Outlook:

    For the second quarter of 2025, Kaltura expects:

    • Subscription Revenue to be between $40.8 million and $41.6 million. 
    • Total Revenue to be between $43.4 million and $44.2 million. 
    • Adjusted EBITDA to be between $1.5 million to $2.5 million.

    For the full year ending December 31, 2025, Kaltura expects:

    • Subscription Revenue to be between $170.4 million and $173.4 million. 
    • Total Revenue to be between $179.9 million and $182.9 million. 
    • Adjusted EBITDA to be in the range of $13.5 million to $15.5 million.

    The guidance provided above contains forward-looking statements and actual results may differ materially. Refer to “Forward-Looking Statements” below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Kaltura has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net loss within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. The reconciliation for Adjusted EBITDA includes but is not limited to the following items: stock-based compensation expenses, depreciation, amortization, financial expenses (income), net, provision for income tax, and other non-recurring operating expenses. These items, which could materially affect the computation of forward-looking GAAP net loss, are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. The guidance above is based on the Company’s current expectations relating to the macro-economic climate trends.

    Additional information on Kaltura’s reported results, including a reconciliation of the non-GAAP financial measures to their most comparable GAAP measures, is included in the financial tables below.

    Investor Deck

    Our first quarter and full year 2025 Investor Deck has been posted in the investor relations page on our website at: www.investors.kaltura.com.

    Conference Call

    Kaltura will host a conference call today on May 8, 2025 to review its first quarter 2025 financial results and to discuss its financial outlook.

      Time: 8:00 a.m. ET
      United States/Canada Toll Free: 1-877-407-0789
      International Toll: +1-201-689-8562
         

    A live webcast will also be available in the Investor Relations section of Kaltura’s website at: https://investors.kaltura.com/news-and-events/events

    A replay of the webcast will be available in the Investor Relations section of the company’s web site approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.

    About Kaltura

    Kaltura’s mission is to create and power AI-infused hyper-personalized video experiences that boost customer and employee engagement and success. Kaltura’s AI Video Experience Cloud includes a platform for enterprise and TV content management and a wide array of Gen AI-infused video-first products, including Video Portals, LMS and CMS Video Extensions, Virtual Events and Webinars, Virtual Classrooms, and TV Streaming Applications. Kaltura engages millions of end-users at home, at work, and at school, boosting both customer and employee experiences, including marketing, sales, and customer success; teaching, learning, training and certification; communication and collaboration; and entertainment, and monetization. For more information, visit www.corp.kaltura.com. 

    Investor Contacts:
    Kaltura
    John Doherty
    Chief Financial Officer
    IR@Kaltura.com

    Sapphire Investor Relations
    Erica Mannion and Michael Funari
    +1 617 542 6180
    IR@Kaltura.com

    Media Contacts:
    Kaltura
    Nohar Zmora
    pr.team@kaltura.com

    Headline Media
    Raanan Loew
    raanan@headline.media
    +1 347 897 9276

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, statements regarding our future financial and operating performance, including our guidance; our business strategy, plans and objectives for future operations; expectations with respect to our products and capabilities; our expectations regarding potential profitability and growth; and general economic, business and industry conditions, including expectations with respect to trends in customer consolidation and corporate spending.

    In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Any forward-looking statements contained herein are based on our historical performance and our current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent our expectations as of the date of this press release. Subsequent events may cause these expectations to change, and we disclaim any obligation to update the forward-looking statements in the future, except as required by law. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from our current expectations.

    Important factors that could cause actual results to differ materially from those anticipated in our forward-looking statements include, but are not limited to, the current volatile economic climate and its direct and indirect impact on our business and operations; political, economic, and military conditions in Israel and other geographies; our ability to retain our customers and meet demand; our ability to achieve and maintain profitability; the evolution of the markets for our offerings; our ability to keep pace with technological and competitive developments; risks associated with our use of certain artificial intelligence and machine learning models; our ability to maintain the interoperability of our offerings across devices, operating systems and third-party applications; risks associated with our Application Programming Interfaces, other components in our offerings and other intellectual property; our ability to compete successfully against current and future competitors; our ability to increase customer revenue; risks related to our approach to revenue recognition; our potential exposure to cybersecurity threats; our compliance with data privacy and data protection laws; our ability to meet our contractual commitments; our reliance on third parties; our ability to retain our key personnel; risks related to revenue mix and customer base; risks related to our international operations; risks related to potential acquisitions; our ability to generate or raise additional capital; and the other risks under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of our website at investors.kaltura.com.

    Non-GAAP Financial Measures

    Kaltura has provided in this press release and the accompanying tables measures of financial information that have not been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”), including non-GAAP gross profit, non-GAAP gross margin (calculated as a percentage of revenue), non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating income (loss), non-GAAP operating margin (calculated as a percentage of revenue), non-GAAP net income (loss), non-GAAP net income (loss) per share and Adjusted EBITDA.
    Kaltura defines these non-GAAP financial measures as the respective corresponding GAAP measure, adjusted for, as applicable: (1) stock-based compensation expense; (2) the amortization of acquired intangibles; and (3) war-related costs. Kaltura defines EBITDA as net profit (loss) before financial expenses (income), net, provision for income taxes, and depreciation and amortization expenses.

    Adjusted EBITDA is defined as EBITDA (as defined above), adjusted for the impact of certain non-cash and other items that we believe are not indicative of our core operating performance, such as non-cash stock-based compensation expenses and certain non-recurring operating expenses. We believe these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Kaltura’s financial condition and results of operations. These non-GAAP metrics are a supplemental measure of our performance, are not defined by or presented in accordance with GAAP, and should not be considered in isolation or as an alternative to net profit (loss) or any other performance measure prepared in accordance with GAAP. Non-GAAP financial measures are presented because we believe that they provide useful supplemental information to investors and analysts regarding our operating performance and are frequently used by these parties in evaluating companies in our industry. By presenting these non-GAAP financial measures, we provide a basis for comparison of our business operations between periods by excluding items that we do not believe are indicative of our core operating performance. We believe that investors’ understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. Additionally, our management uses these non-GAAP financial measures as supplemental measures of our performance because they assist us in comparing the operating performance of our business on a consistent basis between periods, as described above. Although we use the non-GAAP financial measures described above, such measures have significant limitations as analytical tools and only supplement but do not replace, our financial statements in accordance with GAAP. See the tables below regarding reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

    Key Financial and Operating Metrics

    Annualized Recurring Revenue. We use Annualized Recurring Revenue (“ARR”) as a measure of our revenue trend and an indicator of our future revenue opportunity from existing recurring customer contracts. We calculate ARR by annualizing our recurring revenue for the most recently completed fiscal quarter. Recurring revenues are generated from SaaS and PaaS subscriptions, as well as term licenses for software installed on the customer’s premises (“On-Prem”). For the SaaS and PaaS components, we calculate ARR by annualizing the actual recurring revenue recognized for the latest fiscal quarter. For the On-Prem components for which revenue recognition is not ratable across the license term, we calculate ARR for each contract by dividing the total contract value (excluding professional services) as of the last day of the specified period by the number of days in the contract term and then multiplying by 365. Recurring revenue excludes revenue from one-time professional services and setup fees. ARR is not adjusted for the impact of any known or projected future customer cancellations, upgrades or downgrades or price increases or decreases. The amount of actual revenue that we recognize over any 12-month period is likely to differ from ARR at the beginning of that period, sometimes significantly. This may occur due to new bookings, cancellations, upgrades or downgrades, pending renewals, professional services revenue, foreign exchange rate fluctuations and acquisitions or divestitures. ARR should be viewed independently of revenue as it is an operating metric and is not intended to be a replacement or forecast of revenue. Our calculation of ARR may differ from similarly titled metrics presented by other companies.

    Net Dollar Retention Rate. Our Net Dollar Retention Rate, which we use to measure our success in retaining and growing recurring revenue from our existing customers, compares our recognized recurring revenue from a set of customers across comparable periods. We calculate our Net Dollar Retention Rate for a given period as the recognized recurring revenue from the latest reported fiscal quarter from the set of customers whose revenue existed in the reported fiscal quarter from the prior year (the numerator), divided by recognized recurring revenue from such customers for the same fiscal quarter in the prior year (denominator). For annual periods, we report Net Dollar Retention Rate as the arithmetic average of the Net Dollar Retention Rate for all fiscal quarters included in the period. We consider subdivisions of the same legal entity (for example, divisions of a parent company or separate campuses that are part of the same state university system), as well as Value-add Resellers (“VARs”) (meaning resellers that directly manage the relationship with the customer) and the customers they manage, to be a single customer for purposes of calculating our Net Dollar Retention Rate. Our calculation of Net Dollar Retention Rate for any fiscal period includes the positive recognized recurring revenue impacts of selling new services to existing customers and the negative recognized recurring revenue impacts of contraction and attrition among this set of customers. Our Net Dollar Retention Rate may fluctuate as a result of a number of factors, including the growing level of our revenue base, the level of penetration within our customer base, expansion of products and features, and our ability to retain our customers. Our calculation of Net Dollar Retention Rate may differ from similarly titled metrics presented by other companies.

    Remaining Performance Obligations. Remaining Performance Obligations represents the amount of contracted future revenue that has not yet been delivered, including both subscription and professional services revenues. Remaining Performance Obligations consists of both deferred revenue and contracted non-cancelable amounts that will be invoiced and recognized in future periods. We expect to recognize 59% of our Remaining Performance Obligations as revenue over the next 12 months, and the remainder over a period of four years, in each case, in accordance with our revenue recognition policy; however, we cannot guarantee that any portion of our Remaining Performance Obligations will be recognized as revenue within the timeframe we expect or at all.

     
    Consolidated Balance Sheets (U.S. dollars in thousands)
     
        As of
        March 31, 2025   December 31, 2024
        (Unaudited)    
    ASSETS        
    CURRENT ASSETS:        
    Cash and cash equivalents   $ 31,695     $ 33,059  
    Marketable securities     31,223       48,275  
    Trade receivables     18,209       19,978  
    Prepaid expenses and other current assets     9,943       9,481  
    Deferred contract acquisition and fulfillment costs, current     10,326       10,765  
             
    Total current assets     101,396       121,558  
             
    LONG-TERM ASSETS:        
    Marketable securities     18,004       3,379  
    Property and equipment, net     15,242       16,190  
    Other assets, noncurrent     3,120       2,983  
    Deferred contract acquisition and fulfillment costs, noncurrent     12,195       13,605  
    Operating lease right-of-use assets     11,670       12,308  
    Intangible assets, net     101       212  
    Goodwill     11,070       11,070  
             
    Total noncurrent assets     71,402       59,747  
             
    TOTAL ASSETS   $ 172,798     $ 181,305  
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    CURRENT LIABILITIES:        
    Current portion of long-term loans   $ 3,764     $ 3,110  
    Trade payables     8,311       3,265  
    Employees and payroll accruals     15,033       15,399  
    Accrued expenses and other current liabilities     12,298       14,262  
    Operating lease liabilities     2,536       2,504  
    Deferred revenue, current     53,879       63,123  
             
    Total current liabilities     95,821       101,663  
    NONCURRENT LIABILITIES:        
    Deferred revenue, noncurrent     57       67  
    Long-term loans, net of current portion     27,886       29,153  
    Operating lease liabilities, noncurrent     14,365       15,263  
    Other liabilities, noncurrent     12,010       10,772  
             
    Total noncurrent liabilities     54,318       55,255  
    TOTAL LIABILITIES   $ 150,139     $ 156,918  
    STOCKHOLDERS’ EQUITY:        
    Common stock   $ 16     $ 15  
    Treasury stock     (10,119 )     (7,801 )
    Additional paid-in capital     502,644       500,024  
    Accumulated other comprehensive income     47       959  
    Accumulated deficit     (469,929 )     (468,810 )
    Total stockholders’ equity     22,659       24,387  
             
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 172,798     $ 181,305  
     
    Consolidated Statements of Operations (U.S. dollars in thousands, except for share data)
     
        Three Months Ended
    March 31,
          2025       2024  
        (Unaudited)
             
    Revenue:        
             
    Subscription   $ 44,906     $ 41,170  
    Professional services     2,078       3,611  
             
    Total revenue     46,984       44,781  
             
    Cost of revenue:        
             
    Subscription     10,487       11,401  
    Professional services     3,761       4,772  
             
    Total cost of revenue     14,248       16,173  
             
    Gross profit     32,736       28,608  
             
    Operating expenses:        
             
    Research and development     12,088       12,005  
    Sales and marketing     11,923       11,812  
    General and administrative     10,302       12,082  
             
    Total operating expenses     34,313       35,899  
             
    Operating loss     1,577       7,291  
             
    Financial expense (income), net     (1,803 )     1,497  
             
    Loss before provision for income taxes     226       (8,788 )
    Provision for income taxes     1,345       2,308  
             
    Net loss   $ 1,119     $ 11,096  
             
    Net loss per share attributable to common stockholders, basic and diluted   $ 0.01     $ 0.08  
             
    Weighted average number of shares used in computing basic and diluted net loss per share attributable to common stockholders     154,009,623       144,253,660  
     
    Consolidated Statements of Operations (U.S. dollars in thousands, except for share data)
     
    Stock-based compensation included in above line items:
     
        Three Months Ended March 31,
          2025     2024
        (Unaudited)
             
    Cost of revenue   $ 128   $ 285
    Research and development     849     1,172
    Sales and marketing     432     770
    General and administrative     3,124     4,302
             
    Total   $ 4,533   $ 6,529
     
    Revenue by Segment (U.S. dollars in thousands):
     
        Three Months Ended March 31,
          2025     2024
        (Unaudited)
             
    Enterprise, Education and Technology   $ 34,416   $ 32,440
    Media and Telecom     12,568     12,341
             
    Total   $ 46,984   $ 44,781
     
    Gross Profit by Segment (U.S. dollars in thousands):
     
        Three Months Ended March 31,
          2025     2024
        (Unaudited)
             
    Enterprise, Education and Technology   $ 26,568   $ 23,556
    Media and Telecom     6,168     5,052
             
    Total   $ 32,736   $ 28,608
     
    Consolidated Statement of Cash Flows (U.S. dollars in thousands)
     
        Three Months Ended March 31,
          2025       2024  
        (Unaudited)
    Cash flows from operating activities:        
    Net loss   $ (1,119 )   $ (11,096 )
    Adjustments to reconcile net loss to net cash used in operating activities:        
    Depreciation and amortization     1,185       1,305  
    Stock-based compensation expenses     4,533       6,529  
    Amortization of deferred contract acquisition and fulfillment costs     2,864       2,888  
    Non-cash interest income, net     (60 )     (286 )
    Gain on foreign exchange     (61 )     (325 )
    Changes in operating assets and liabilities:        
    Decrease in trade receivables     1,769       5,475  
    Increase in prepaid expenses and other current assets and other assets, noncurrent     (1,293 )     (560 )
    Increase in deferred contract acquisition and fulfillment costs     (1,104 )     (1,067 )
    Increase in trade payables     5,216       4,447  
    Increase (decrease) in accrued expenses and other current liabilities     (1,973 )     1,654  
    Decrease in employees and payroll accruals     (2,566 )     (1,099 )
    Increase (decrease) in other liabilities, noncurrent     1,044       (36 )
    Decrease in deferred revenue     (9,254 )     (8,617 )
    Operating lease right-of-use assets and lease liabilities, net     (228 )     (358 )
             
    Net cash used in operating activities     (1,047 )     (1,146 )
             
    Cash flows from investing activities:        
             
    Investment in available-for-sale marketable securities     (26,390 )     (15,424 )
    Proceeds from maturities of available-for-sale marketable securities     28,933       12,000  
    Purchases of property and equipment     (297 )     (93 )
             
    Net cash provided by (used in) investing activities     2,246       (3,517 )
             
    Cash flows from financing activities:        
             
    Repayment of long-term loans     (875 )     (875 )
    Proceeds from exercise of stock options     1,470       104  
    Cash settlement of equity classified share-based payment awards     (889 )     —  
    Repurchase of common stock     (2,318 )     —  
    Payments on account of repurchase of common stock     (12 )     —  
    Payment of debt issuance costs     —       (10 )
             
    Net cash used in financing activities     (2,624 )     (781 )
             
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     61       325  
             
    Net decrease in cash, cash equivalents and restricted cash   $ (1,364 )   $ (5,119 )
    Cash, cash equivalents and restricted cash at the beginning of the period     33,159       36,784  
    Cash, cash equivalents and restricted cash at the end of the period   $ 31,795     $ 31,665  
     
    Reconciliation from GAAP to Non-GAAP Results (U.S. dollars in thousands, except per share data; Unaudited)
     
        Three Months Ended March 31,
          2025       2024  
    Reconciliation of gross profit and gross margin        
    GAAP gross profit   $ 32,736     $ 28,608  
    Stock-based compensation expense     128       285  
    Amortization of acquired intangibles     97       105  
    Non-GAAP gross profit   $ 32,961     $ 28,998  
    GAAP gross margin     70 %     64 %
    Non-GAAP gross margin     70 %     65 %
    Reconciliation of operating expenses        
    GAAP research and development expenses   $ 12,088     $ 12,005  
    Stock-based compensation expense     849       1,172  
    Amortization of acquired intangibles     —       —  
    Non-GAAP research and development expenses   $ 11,239     $ 10,833  
    GAAP sales and marketing   $ 11,923     $ 11,812  
    Stock-based compensation expense     432       770  
    Amortization of acquired intangibles     14       13  
    Non-GAAP sales and marketing expenses   $ 11,477     $ 11,029  
    GAAP general and administrative expenses   $ 10,302     $ 12,082  
    Stock-based compensation expense     3,124       4,302  
    Amortization of acquired intangibles     —       —  
    War related costs(b)     —       21  
    Non-GAAP general and administrative expenses   $ 7,178     $ 7,759  
    Reconciliation of operating income (loss) and operating margin        
    GAAP operating loss   $ (1,577 )   $ (7,291 )
    Stock-based compensation expense     4,533       6,529  
    Amortization of acquired intangibles     111       118  
    War related costs(b)     —       21  
    Non-GAAP operating income (loss)   $ 3,067     $ (623 )
    GAAP operating margin     (3 )%     (16 )%
    Non-GAAP operating margin     7 %     (1 )%
    Reconciliation of net loss        
    GAAP net loss attributable to common stockholders   $ (1,119 )   $ (11,096 )
    Stock-based compensation expense     4,533       6,529  
    Amortization of acquired intangibles     111       118  
    War related costs(b)     —       21  
    Non-GAAP net income (loss) attributable to common stockholders   $ 3,525     $ (4,428 )
             
    Non-GAAP net income (loss) per share – basic and diluted   $ 0.02     $ (0.03 )
             
    Reconciliation of weighted average number of shares outstanding:        
    Weighted-average number of shares used in calculating GAAP and Non-GAAP net income (loss) per share, basic     154,009,623       144,253,660  
    Effect of dilutive shares used in calculating Non-GAAP net income (loss) per share, diluted (c)     11,294,304       —  
    Weighted-average number of shares used in calculating Non-GAAP net income (loss) per share, diluted     165,303,927       144,253,660  
     
    Adjusted EBITDA (U.S. dollars in thousands)
     
        Three Months Ended March 31,
          2025       2024  
         
    Net loss   $ (1,119 )   $ (11,096 )
    Financial expenses (income), net (a)     (1,803 )     1,497  
    Provision for income taxes     1,345       2,308  
    Depreciation and amortization     1,185       1,305  
    EBITDA     (392 )     (5,986 )
    Non-cash stock-based compensation expense     4,533       6,529  
    War related costs(b)     —       21  
    Adjusted EBITDA   $ 4,141     $ 564  
    (a) The three months ended March 31, 2025 and 2024, include $609 and $704, respectively, of interest expenses and $896 and $818, respectively, of interest income.
       
    (b) The three months ended March 31, 2024 includes costs related to conflicts in Israel, attributable to temporary relocation of key employees from Israel for business continuity purposes, purchase of emergency equipment for key employees for business continuity purposes, and charitable donations to communities directly impacted by the war.
       
    (c) The effect of these dilutive shares was not included in the GAAP calculation of diluted net loss per share for the three months ended March 31, 2025 and 2024 because the effect would have been anti-dilutive.
     
    Reported KPIs
     
        March 31,
          2025     2024
        (U.S. dollars, amounts in thousands)
    Annualized Recurring Revenue             $ 174,842   $ 162,713
    Remaining Performance Obligations             $ 184,860   $ 165,224
       

    Three Months Ended March 31,
        2025     2024  
    Net Dollar Retention Rate             107 %   98 %

    The MIL Network –

  • MIL-OSI: Westland Express partners with Karla to help renters build credit

    Source: GlobeNewswire (MIL-OSI)

    Surrey, BC/Territories of the Coast Salish (Kwantlen, Katzie, Semiahmoo, Tsawwassen First Nations), May 08, 2025 (GLOBE NEWSWIRE) — Westland Express, one of Canada’s leading tenant insurance providers, has partnered with Karla, a financial technology company empowering renters to build credit with their monthly rent payments. 

    Through this partnership, Westland Express clients can now benefit from Karla’s innovative platform, which reports on-time rent payments to major Canadian credit bureaus, including Equifax and TransUnion. Traditionally, rent payments haven’t contributed to credit scores in Canada, leaving many renters — especially students, newcomers, and young professionals — without a clear path to building their credit history. 

    “At Westland Express, we’re committed to going beyond traditional insurance solutions,” said James Malcolm, Vice President, Westland Express. “By partnering with Karla, we’re providing our clients with powerful tools to strengthen their financial futures while protecting what matters most today.” 

    The Karla program reflects Westland Express’ ongoing commitment to delivering fast, affordable, and meaningful value to Canadian renters. By introducing this new service, we’re helping tenants improve their credit profiles and access more financial opportunities — all while continuing to provide flexible, easy-to-use insurance solutions that fit their lives. 

    “While our hearts beat with the credit union community,” say Karla Co-Founders Robin Gray and Basil Elefth on the Westland Express partnership, “we’re also excited to expand our modules to thousands of landlords, property managers, and tenants with tools like seamless rent reporting, AI-powered insights, and direct pathways for tenants to build their credit.” 

    Westland Express is proud to support renters across Canada — helping them live confidently and build stronger financial foundations with every rent payment. 

    For more information, visit westlandexpress.ca or karlarent.com. 

    – 30 -  

    About Westland Express  

    Westland Express is your all-in-one destination for seamless digital insurance solutions. Specializing in tenant insurance, Westland Express also offers travel, pet, estate planning, and E&O programs, providing hassle-free coverage anytime, anywhere. Explore our products at westlandexpress.ca.   

    The MIL Network –

  • MIL-OSI: Berry Corporation Reports First Quarter 2025 Financial and Operational Results, Reaffirms FY25 Guidance and Announces Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, May 08, 2025 (GLOBE NEWSWIRE) — Berry Corporation (bry) (NASDAQ: BRY) (“Berry” or the “Company”) today announced its financial and operational results for the first quarter of 2025, as well as a quarterly cash dividend of $0.03 per share. Berry has provided a supplemental slide deck summarizing these results, which can be found at www.bry.com. The Company plans to host a conference call and webcast to discuss its first quarter 2025 results and latest 2025 outlook, at 10:00 a.m. CT, Thursday, May 8, 2025; access details can be found in this release.

    First Quarter 2025 Highlights

    • Reaffirmed FY25 guidance due to favorable hedge position, protecting cash flows and liquidity position
    • Produced 24.7 MBoe/d (93% oil), in-line with plan and down slightly quarter-over-quarter due to planned downtime associated with drilling activity targeting the thermal diatomite reservoir
    • Reported hedged LOE of $26.40/Boe, 9% below midpoint of FY25 guidance
    • Returned $2 million in cash to shareholders through quarterly dividend of $0.03 per share, which represents a 5% dividend yield(2) on an annual basis
    • Paid down $11 million of total debt
    • Increased liquidity to $120 million while improving leverage ratio(1) quarter-over-quarter to 1.37x
    • Reported net loss of $97 million, or $1.25 per diluted share, including a non-cash impairment of $113 million (after tax), and Adjusted Net Income(1) of $9 million, or $0.12 per diluted share
    • Generated operating cash flow of $46 million, Adjusted EBITDA(1) of $68 million and Free Cash Flow(1) of $17 million
    • Reported zero recordable incidents, zero lost-time incidents, and no reportable spills in our E&P operations

    Other Updates

    • Oil volumes 73% hedged for remainder of 2025 at $74.69/Bbl and 63% hedged for 2026 at $69.42/Bbl(3)
    • Mark-to-market (crude oil) hedge value of $129 million as of May 2, 2025
    • Completed drilling Berry-operated Uinta Basin 4-well horizontal pad; first production expected in the third quarter
    • Published updated and expanded sustainability metrics in April; Sustainability Report planned for the third quarter
         
    (1) Please see “Non-GAAP Financial Measures and Reconciliations” in this release for a reconciliation and more information on these Non-GAAP measures.
    (2) Based on BRY share price of $2.59 as of May 2, 2025.
    (3) Based on the midpoint of full year 2025 oil production guidance.
         

    MANAGEMENT COMMENTS

    Fernando Araujo, Berry’s Chief Executive Officer, said, “We delivered strong financial and operating results in the first quarter, highlighting the strengths of our business model and strategy. Production decreased slightly due to planned downtime, as we drilled twice as many California wells compared to last quarter. Our California drilling program is focused on our thermal diatomite assets, building on our success in 2024 with exceptional results. At recent strip pricing, rates of return here exceed 100%. In Utah, we recently finished drilling our 4-well horizontal pad ahead of schedule and on budget. First production from this pad is expected in the third quarter. Our high- quality, low-break even assets position us well, even in the current environment.”

    Mr. Araujo continued, “We are confident in our ability to navigate current market volatility and our 2025 outlook remains unchanged. Our cash flow is protected by our strong hedge position, and our strategy is anchored by our shallow decline rate, low capital intensity assets and high rate of return development. We have a resilient business with low breakeven prices and expect to fully fund our 2025 plan at prices well below current levels. ”

    FIRST QUARTER 2025 FINANCIAL AND OPERATING SUMMARY

    Selected Comparative Results

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    (in millions, except per share amounts)
    Production (MBoe/d)   24.7       26.1       25.4  
    Oil, natural gas & NGL revenues(1) $ 148     $ 158     $ 166  
    Net income (loss) $ (97 )   $ (2 )   $ (40 )
    Adjusted Net Income(2) $ 9     $ 17     $ 11  
    Adjusted EBITDA(2) $ 68     $ 82     $ 69  
    Earnings per diluted share $ (1.25 )   $ (0.02 )   $ (0.53 )
    Adjusted earnings per diluted share(2) $ 0.12     $ 0.21     $ 0.14  
    Cash Flow from Operations $ 46     $ 41     $ 1  
    Capital expenditures $ 28     $ 17     $ 17  
    Free cash flow(2) $ 17     $ 24     $ 10  
    __________
    (1) Revenues do not include hedge settlements.
    (2) Please see “Non-GAAP Financial Measures and Reconciliations” in this press release for more information on these Non-GAAP measures and reconciliations to the nearest GAAP measures.
     

    CAPITAL STRUCTURE

    As of March 31, 2025, Berry had $439 million outstanding on its 2024 term loan and no borrowings outstanding under its 2024 revolving credit facility. As of March 31, 2025, the Company had $120 million of liquidity, consisting of $39 million of cash and cash equivalents, $49 million available for borrowings under its 2024 revolving credit facility and $32 million available for delayed draw borrowings under its 2024 term loan. Based on current forward commodity prices, Berry expects to fund the remainder of its 2025 capital development program with cash flow from operations. As of March 31, 2025, the Company had a leverage ratio(1) of 1.37x.

         
    (1) Please see “Non-GAAP Financial Measures and Reconciliations” later in this press release for reconciliation and more information on these Non-GAAP measures.
       

    DEBT REDUCTION AND SHAREHOLDER RETURNS

    During the quarter, the Company paid down approximately $11 million of total debt.

    On May 7, 2025, Berry’s Board of Directors approved a quarterly cash dividend of $0.03 per share of common stock, payable on May 29, 2025 to shareholders of record as of the close of business on May 19, 2025.

    2025 GUIDANCE (UNCHANGED FROM PRIOR OUTLOOK)

     Full Year 2025 Guidance Low High
    Average Daily Production (boe/d)(1)  $24,800 $26,000
    Non-energy LOE ($/boe)(2) $13.00 $15.00
    Energy LOE (unhedged) ($/boe)(3) $12.70 $14.50
    Natural Gas Purchase Hedge Settlements ($/boe)(4)(5) $1.00 $1.60
    Taxes, Other Than Income Taxes ($/boe) $5.50 $6.50
    Adjusted G&A expenses – E&P Segment & Corp ($/boe)(6)(7) $6.35 $6.75
    Capital Expenditures ($ millions)(8) (9) $110 $120
    _____________ 
    (1)   Oil production is expected to be approximately 93% of total.
    (2)    Non-energy LOE consists of lease operating costs not included in Energy LOE.
    (3)    Energy LOE (unhedged) consists of costs to generate steam and electricity the Company produces and uses in its operations and the power the Company purchases for its E&P operations.
    (4)    Natural gas purchase hedge settlements is the cash (received) or paid from these derivatives on a per boe basis.
    (5)    Based on natural gas hedge positions and basis differentials as of December 31, 2024, and the Henry Hub gas price of $3.00 per mmbtu.
    (6)   Adjusted G&A expenses is a non-GAAP financial measure. The Company does not provide a reconciliation of this measure because the Company believes such reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items included in or excluded from the GAAP financial measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company’s control or cannot be reasonably predicted. Non-GAAP forward-looking measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
    (7)   See further discussion and reconciliation in “Non-GAAP Financial Measures and Reconciliations.”
    (8)    Total company capital expenditures, including E&P segment, well servicing & abandonment services segment and corporate.
    (9)    Approximately 60% of Berry’s 2025 capital program is expected to be directed to California, with 40% allocated to Utah.
             

    RISK MANAGEMENT

    Berry utilizes hedges to manage commodity price risk, protect the balance sheet and ensure cash flow to fund its annual capital program. In April 2025, the Company strategically raised the average oil hedge price in 2026 and 2027 by $6 per barrel on 2.3 MBbls/d by converting most of its Brent collars and all purchased puts into swaps to provide additional protection in the current volatile pricing environment.

    Based on the midpoint of Berry’s 2025 full year oil production guidance and its hedge book as of May 2, 2025, the Company has 73% of its estimated oil production volumes hedged for the remainder of 2025 at an average price of $74.69/Bbl of Brent, and 63% of oil production (assuming the midpoint of 2025 annual guidance) hedged for 2026 at $69.42/Bbl. Berry has gas purchase hedges for approximately 80% of its expected gas demand for the remainder of 2025, with an average swap price of $4.24/MMBtu. Complete details on the Company’s derivative positions can be found in its investor presentation located at https://ir.bry.com/reports-resources.

    CONFERENCE CALL DETAILS

    Berry plans to host a conference call to discuss its first quarter 2025 results, as well as its 2025 outlook:

    Call Date: Thursday, May 8, 2025
    Call Time: 11:00 a.m. Eastern Time / 10:00 a.m. Central Time / 8:00 a.m. Pacific Time

    Join the live listen-only audio webcast at https://edge.media-server.com/mmc/p/2swb49hy or at https://bry.com/category/events. Accompanying slides will also be available at the time of the call at www.bry.com.

    To ask a question on the call, please dial in using the phone number and passcode below:

    Toll-Free: (800) 715-9871
    Passcode: 6035522

    A web based audio replay will be available shortly after the broadcast and will be archived at https://ir.bry.com/reports-resources or visit https://edge.media-server.com/mmc/p/2swb49hy or https://bry.com/category/events

    ABOUT BERRY CORPORATION (BRY)

    Berry is a publicly traded (NASDAQ: BRY) western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived oil and gas reserves. We operate in two business segments: (i) exploration and production (“E&P”) and (ii) well servicing and abandonment services. Our E&P assets are located in California and Utah, are characterized by high oil content and are predominantly located in rural areas with low population. Our California assets are in the San Joaquin Basin (100% oil), and our Utah assets are in the Uinta Basin (65% oil). We provide our well servicing and abandonment services to third party operators in California and our California E&P operations through C&J Well Services (CJWS). More information can be found at the Company’s website at www.bry.com.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    This press release includes forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

    You can typically identify forward-looking statements by words such as “aim,” “anticipate,” “achievable,” “believe,” “budget,” “continue,” “could,” “effort,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will” or “would” and other similar words that reflect the prospective nature of events or outcomes. All statements other than statements of historical facts included in this press release that address plans, activities, events, objectives, goals, strategies or developments that we expect, believe or anticipate will or may occur in the future, such as those regarding our financial position, liquidity, cash flows, financial and operating results, capital program and development and production plans, operations and business strategy, potential acquisition and other strategic opportunities, reserves, hedging activities, capital expenditures, return of capital, future distributions, capital investments, our ESG strategy and the initiation of new projects or business in connection therewith, recovery factors and other guidance, are forward-looking statements. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, the Company does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise, unless required by law.

    Factors that could cause actual results to differ from management’s expectations include, but are not limited to: the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of our products; the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; volatility of oil, natural gas and NGL prices, including as a result of political instability, armed conflicts or economic sanctions; inflation levels and government efforts aimed to reduce inflation, including related interest rate determinations; overall domestic and global political and economic trends, geopolitical risks and general economic and industry conditions; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet our working capital requirements or fund planned investments; our ability to satisfy our debt obligations and comply with all covenants, agreements and conditions under our debt agreements; any future impairments to the Company’s proved or unproved oil and gas properties or write-downs of productive assets; the imposition of tariffs or trade or other economic sanctions, political instability or armed conflict in oil and gas producing regions, including the ongoing conflict in Ukraine, the ongoing conflict in the Middle East, or a prolonged recession, among other factors; changes in supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC+ and change in OPEC+’s production levels; the competitiveness and rate of adoption of alternative energy sources, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues; the price and availability of natural gas and electricity to generate stream used in our operations; disruptions to, capacity constraints in, or other limitations on pipeline and other transportation systems that deliver our oil and natural gas to customers and other processing and transportation considerations; our ability to recruit and/or retain key members of our senior management and key technical employees; potential liability resulting from pending or future litigation, government investigations or other legal proceedings; competition and consolidation in the E&P industry; our ability to replace our reserves through exploration and development activities or acquisitions; our ability to make acquisitions and successfully integrate any acquired businesses; information technology failures or cyberattacks; and the other risks described under the heading “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the Securities and Exchange Commission (the “SEC”).

    Investors are urged to consider carefully the disclosure in our filings with the SEC, available from us at via our website or via the Investor Relations contact below, or from the SEC’s website at www.sec.gov.

    CONTACT

    Contact: Berry Corporation (bry)
    Christopher Denison: Director – Investor Relations & Sustainability
    (661) 616-3811
    ir@bry.com

    TABLES FOLLOWING

    The financial information and certain other information presented have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column in certain tables. In addition, certain percentages presented here reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers, or may not sum due to rounding.

    SUMMARY OF RESULTS

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    ($ and shares in thousands, except per share amounts)
    Consolidated Statement of Operations Data:          
    Revenues and other:          
    Oil, natural gas and natural gas liquids sales $ 147,862     $ 157,957     $ 166,318  
    Service revenue   23,664       23,554       31,683  
    Electricity sales   4,967       3,262       4,243  
    Gains (losses) on oil and gas sales derivatives   5,475       (5,730 )     (71,200 )
    Marketing and other revenues   683       36       5,036  
    Total revenues and other   182,651       179,079       136,080  
               
    Expenses and other:          
    Lease operating expenses   57,282       55,763       61,276  
    Cost of services   20,825       20,907       27,304  
    Electricity generation expenses   1,209       1,523       1,093  
    Transportation expenses   939       1,122       1,059  
    Marketing expenses   292       —       4,390  
    Acquisition costs   —       —       2,617  
    General and administrative expenses   20,305       18,389       20,234  
    Depreciation, depletion and amortization   40,392       43,579       42,831  
    Impairment of oil and gas properties   157,910       —       —  
    Taxes, other than income taxes   9,240       8,498       15,689  
    (Gains) losses on natural gas purchase derivatives   (5,691 )     7,883       4,481  
    Other operating expense (income)   401       3,763       (133 )
    Losses on debt retirement   —       7,066       —  
    Total expenses and other   303,104       168,493       180,841  
               
    Other (expenses) income:          
    Interest expense   (15,172 )     (10,859 )     (9,140 )
    Other, net   272       136       (83 )
    Total other expenses   (14,900 )     (10,723 )     (9,223 )
    Loss before income taxes   (135,353 )     (137 )     (53,984 )
    Income tax (benefit) expense   (38,673 )     1,622       (13,900 )
    Net loss $ (96,680 )   $ (1,759 )   $ (40,084 )
               
    Net loss per share:          
    Basic $ (1.25 )   $ (0.02 )   $ (0.53 )
    Diluted $ (1.25 )   $ (0.02 )   $ (0.53 )
               
    Weighted-average shares of common stock outstanding – basic   77,196       76,939       76,254  
    Weighted-average shares of common stock outstanding – diluted   77,196       76,939       76,254  
               
    Adjusted Net Income(1) $ 9,370     $ 16,531     $ 10,910  
    Weighted-average shares of common stock outstanding – diluted   77,371       77,213       77,373  
    Diluted earnings per share on Adjusted Net Income(1) $ 0.12     $ 0.21     $ 0.14  
               
               
      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    ($ and shares in thousands, except per share amounts)
    Adjusted EBITDA(1) $ 68,450     $ 81,780     $ 68,534  
    Free Cash Flow(1) $ 17,483     $ 24,144     $ 10,337  
    Adjusted General and Administrative Expenses(1) $ 18,300     $ 16,325     $ 18,943  
    Effective Tax Rate   29 %   N/A     26 %
               
    Cash Flow Data:          
    Net cash provided by operating activities $ 45,872     $ 41,361     $ 27,273  
    Net cash used in investing activities $ (19,770 )   $ (19,907 )   $ (18,661 )
    Net cash used in financing activities $ (16,876 )   $ (889 )   $ (9,990 )
     
    __________
    (1) See further discussion and reconciliation in “Non-GAAP Financial Measures and Reconciliations.”
     
      March 31, 2025   December 31, 2024
      (unaudited)
    ($ and shares in thousands)
    Balance Sheet Data:      
    Total current assets $ 161,114   $ 149,643  
    Total property, plant and equipment, net $ 1,153,711   $ 1,320,380  
    Total current liabilities $ 183,429   $ 187,880  
    Long-term debt $ 374,478   $ 384,633  
    Total stockholders’ equity $ 631,468   $ 730,636  
    Outstanding common stock shares as of   77,596     76,939  
                 

    The following table represents selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis.

      Three Months Ended
    March 31, 2025
      E&P   Well Servicing and Abandonment
    Services    		   Corporate/Eliminations   Consolidated Company
      (unaudited)
    (in thousands)
    Revenues(1) $ 153,512     $ 29,747     $ (6,083 )   $ 177,176  
    Net (loss) before income taxes $ (101,417 )   $ (1,711 )   $ (32,225 )   $ (135,353 )
    Capital expenditures $ 27,618     $ 56     $ 715     $ 28,389  
    Total assets $ 1,385,674     $ 52,392     $ (33,728 )   $ 1,404,338  
      Three Months Ended
    December 31, 2024
      E&P   Well Servicing and
    Abandonment
    Services    		   Corporate/Eliminations   Consolidated Company
      (unaudited)
    (in thousands)
    Revenues(1) $ 161,254   $ 29,468     $ (5,913 )   $ 184,809  
    Net income (loss) before income taxes $ 38,101   $ (3,157 )   $ (35,081 )   $ (137 )
    Capital expenditures $ 15,386   $ 1,057     $ 774     $ 17,217  
    Total assets $ 1,535,292   $ 57,752     $ (75,358 )   $ 1,517,686  
      Three Months Ended
    March 31, 2024
      E&P   Well Servicing and
    Abandonment
    Services    		   Corporate/Eliminations   Consolidated Company
      (unaudited)
    (in thousands)
    Revenues(1) $ 175,597     $ 35,468     $ (3,785 )   $ 207,280  
    Net (loss) income before income taxes $ (24,836 )   $ (1,241 )   $ (27,907 )   $ (53,984 )
    Capital expenditures $ 15,417     $ 1,332     $ 187     $ 16,936  
    Total assets $ 1,625,178     $ 65,948     $ (115,610 )   $ 1,575,516  
    __________
    (1) These revenues do not include hedge settlements.
     

    COMMODITY PRICING

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    Weighted Average Realized Prices          
    Oil without hedge ($/bbl) $ 69.48   $ 69.08   $ 75.31  
    Effects of scheduled derivative settlements ($/bbl)   0.08     1.64     (2.17 )
    Oil with hedge ($/bbl) $ 69.56   $ 70.72   $ 73.14  
    Natural gas ($/mcf) $ 3.95   $ 3.47   $ 3.76  
    NGLs ($/bbl) $ 30.56   $ 29.67   $ 29.60  
               
    Purchased Natural Gas          
    Purchase price, before the effects of derivative settlements
    ($/mmbtu)    		 $ 4.35   $ 3.76   $ 4.11  
    Effects of derivative settlements ($/mmbtu)   0.35     0.62     0.92  
    Purchase price, after the effects of derivative settlements
    ($/mmbtu)    		 $ 4.70   $ 4.38   $ 5.03  
               
    Index Prices          
    Brent oil ($/bbl) $ 74.98   $ 74.01   $ 81.76  
    WTI oil ($/bbl) $ 71.51   $ 70.33   $ 77.02  
    Natural gas ($/mmbtu) – SoCal Gas city-gate(1) $ 4.50   $ 3.57   $ 4.21  
    Natural gas ($/mmbtu) – Northwest, Rocky Mountains(2) $ 3.88   $ 3.09   $ 3.41  
    Henry Hub natural gas ($/mmbtu)(2) $ 4.14   $ 2.44   $ 2.15  
    __________
    (1) The natural gas we purchase to generate steam and electricity is primarily based on Rockies price indexes, including transportation charges, as we currently purchase a substantial majority of our gas needs from the Rockies, with the balance purchased in California. SoCal Gas city-gate Index is the relevant index used only for the portion of gas purchases in California.
    (2) Most of our gas purchases and gas sales in the Rockies are predicated on the Northwest, Rocky Mountains index, and to a lesser extent based on Henry Hub.
     

    Natural gas prices and differentials are strongly affected by local market fundamentals, availability of transportation capacity from producing areas and seasonal impacts. Our key exposure to gas prices is in costs. We purchase substantially more natural gas for our California steamfloods and cogeneration facilities than we produce and sell in the Rockies. In May 2022, we began purchasing most of our gas in the Rockies and transporting it to our California operations using the Kern River pipeline capacity. Beginning in 2025, we purchased approximately 43,000 mmbtu/d in the Rockies (48,000 mmbtu/d prior to this change), with the remaining volumes purchased in California markets. Gas volumes purchased in California fluctuate, and averaged 4,000 mmbtu/d in the first quarter of 2025, 3,000 mmbtu/d in the fourth quarter of 2024 and 5,000 mmbtu/d in the first quarter of 2024. The natural gas we purchased in the Rockies is shipped to our operations in California to help limit our exposure to California fuel gas purchase price fluctuations. We strive to further minimize the variability of our fuel gas costs for our steam operations by hedging a significant portion of our gas purchases. Additionally, the negative impact of higher gas prices on our California operating expenses is partially offset by higher gas sales for the gas we produce and sell in the Rockies. The Kern River pipeline capacity allows us to purchase and sell natural gas at the same pricing indices.

    CURRENT HEDGING SUMMARY

    As of May 2, 2025, we had the following crude oil production and gas purchases hedges.

        Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027   FY 2028
    Brent – Crude Oil production                        
    Swaps                        
    Hedged volume (bbls)     1,637,198     1,613,083     1,518,000     5,247,518     3,483,500     1,505,500  
    Hedged volume (mbbls) per day     18.0     17.5     16.5     14.4     9.5     4.1  
    Weighted-average price ($/bbl)   $ 74.35   $ 74.48   $ 75.28   $ 69.74   $ 69.72   $ 68.05  
    Collars                        
    Hedged volume (bbls)     —     —     —     180,000     182,000     —  
    Hedged volume (mbbls) per day     —     —     —     0.5     0.5     —  
    Weighted-average ceiling ($/bbl)   $ —   $ —   $ —   $ 81.36   $ 80.00   $ —  
    Weighted-average floor ($/bbl)   $ —   $ —   $ —   $ 60.00   $ 65.00   $ —  
    NWPL – Natural Gas purchases(1)                        
    Swaps                        
    Hedged volume (mmbtu)     3,640,000     3,680,000     3,680,000     12,160,000     —     —  
    Hedged volume (mmbtu) per day     40.0     40.0     40.0     33.3     —     —  
    Weighted-average price ($/mmbtu)   $ 4.29   $ 4.29   $ 4.15   $ 3.93   $ —   $ —  
    __________
    (1) The term “NWPL” is defined as Northwest Rocky Mountain Pipeline.
     

    GAINS (LOSSES) ON DERIVATIVES

    A summary of gains and losses on the derivatives included on the statements of operations is presented below:

      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
      (unaudited)
    (in thousands)
    Realized (losses) gains on commodity derivatives:          
    Realized gains (losses) on oil sales derivatives $ 164     $ 7,173     $ (4,682 )
    Realized (losses) on natural gas purchase derivatives   (1,476 )     (3,184 )     (4,412 )
    Total realized (losses) gains on derivatives $ (1,312 )   $ 3,989     $ (9,094 )
               
    Unrealized gains (losses) on commodity derivatives:          
    Unrealized gains (losses) on oil sales derivatives $ 5,311     $ (12,903 )   $ (66,518 )
    Unrealized gains (losses) on natural gas purchase derivatives   7,167       (4,699 )     (69 )
    Total unrealized gains (losses) on derivatives $ 12,478     $ (17,602 )   $ (66,587 )
    Total gains (losses) on derivatives $ 11,166     $ (13,613 )   $ (75,681 )
     

    PRODUCTION STATISTICS

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024  
    Net Oil, Natural Gas and NGLs Production Per Day(1):            
    Oil (mbbl/d)            
    California 20.4   21.8   21.3  
    Utah 2.6   2.5   2.5  
    Total oil 23.0   24.3   23.8  
    Natural gas (mmcf/d)            
    Utah 7.9   8.4   7.9  
    Total natural gas 7.9   8.4   7.9  
    NGLs (mbbl/d)            
    Utah 0.4   0.4   0.3  
    Total NGLs 0.4   0.4   0.3  
    Total Production (mboe/d)(2) 24.7   26.1   25.4  
    __________
    (1) Production represents volumes sold during the period. We also consume a portion of the natural gas we produce on lease to extract oil and gas.
    (2) Natural gas volumes have been converted to boe based on energy content of six mcf of gas to one bbl of oil. Barrels of oil equivalence does not necessarily result in price equivalence. The price of natural gas on a barrel of oil equivalent basis is currently substantially lower than the corresponding price for oil and has been similarly lower for a number of years. For example, in the three months ended March 31, 2025, the average prices of Brent oil and Henry Hub natural gas were $74.98 per bbl and $4.14 per mmbtu respectively.
     

    CAPITAL EXPENDITURES

      Three Months Ended
      March 31, 2025   December 31, 2024 March 31, 2024
          (unaudited)
    (in thousands)    		    
    Capital expenditures (1)(2) $ 28,389   $ 17,217   $ 16,936  
    __________
    (1) Capital expenditures include capitalized overhead and interest and excludes acquisitions and asset retirement spending.
    (2) Capital expenditures for the three months ended March 31, 2025 were less than $1 million related to the well servicing and abandonment services segment. Capital expenditures for the three months ended December 31, 2024 and March 31, 2024 were $1 million related to the well servicing and abandonment services segment.
     

    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

    Adjusted EBITDA is not a measure of either net income (loss) or cash flow, Free Cash Flow is not a measure of cash flow, Adjusted Net Income (Loss) is not a measure of net income (loss), and Adjusted General and Administrative Expenses is not a measure of general and administrative expenses, in all cases, as determined by GAAP. Rather, Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses are supplemental non-GAAP financial measures used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies.

    We define Adjusted EBITDA as earnings before interest expense; income taxes; depreciation, depletion, and amortization; derivative gains or losses net of cash received or paid for scheduled derivative settlements; impairments; stock compensation expense; and unusual and infrequent items. Our management believes Adjusted EBITDA provides useful information in assessing our financial condition, results of operations and cash flows and is widely used by the industry and the investment community. The measure also allows our management to more effectively evaluate our operating performance and compare the results between periods without regard to our financing methods or capital structure. We also use Adjusted EBITDA in planning our capital expenditure allocation to sustain production levels and to determine our strategic hedging needs aside from the hedging requirements of the 2024 Term Loan and 2024 Revolver.

    We define Free Cash Flow as cash flow from operations less capital expenditures. We use Free Cash Flow as the primary metric to measure our ability to pay dividends, pay down debt, repurchase stock, and make strategic growth and bolt-on acquisitions. Management believes Free Cash Flow may be useful in an investor analysis of our ability to generate cash from operating activities from our existing oil and gas asset base after capital expenditures and to fund such activities. Free Cash Flow does not represent the total increase or decrease in our cash balance, and it should not be inferred that the entire amount of Free Cash Flow is available for dividends, debt repayment, share repurchases, strategic acquisitions or other growth opportunities, or other discretionary expenditures, since we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from this measure.

    We define Adjusted Net Income (Loss) as net income (loss) adjusted for derivative gains or losses net of cash received or paid for scheduled derivative settlements, unusual and infrequent items, and the income tax expense or benefit of these adjustments using our statutory tax rate. Adjusted Net Income (Loss) excludes the impact of unusual and infrequent items affecting earnings that vary widely and unpredictably, including non-cash items such as derivative gains and losses. This measure is used by management when comparing results period over period. We believe Adjusted Net Income (Loss) is useful to investors because it reflects how management evaluates the Company’s ongoing financial and operating performance from period-to-period after removing certain transactions and activities that affect comparability of the metrics and are not reflective of the Company’s core operations. We believe this also makes it easier for investors to compare our period-to-period results with our peers.

    We define Adjusted General and Administrative Expenses as general and administrative expenses adjusted for non-cash stock compensation expense and unusual and infrequent costs. Management believes Adjusted General and Administrative Expenses is useful because it allows us to more effectively compare our performance from period to period. We believe Adjusted General and Administrative Expenses is useful to investors because it reflects how management evaluates the Company’s ongoing general and administrative expenses from period-to-period after removing non-cash stock compensation, as well as unusual or infrequent costs that affect comparability of the metrics and are not reflective of the Company’s administrative costs. We believe this also makes it easier for investors to compare our period-to-period results with our peers.

    While Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses are non-GAAP measures, the amounts included in the calculation of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses were computed in accordance with GAAP. These measures are provided in addition to, and not as an alternative for, income and liquidity measures calculated in accordance with GAAP and should not be considered as an alternative to, or more meaningful than income and liquidity measures calculated in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing our financial performance, such as our cost of capital and tax structure, as well as the historic cost of depreciable and depletable assets. Our computations of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses may not be comparable to other similarly titled measures used by other companies. Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP.

    Leverage Ratio is a non-GAAP financial measure, which is used by management and external users of our financial statements to evaluate the financial condition of the Company. It is calculated as net debt divided by Adjusted EBITDA (defined above) for the most recently completed 12-month period. Net debt is calculated as long-term debt (from our 2024 Term Loan and 2024 Revolver), including the current portion and excluding unamortized discount and debt issuance costs, less unrestricted cash and cash equivalents. Management believes that Leverage Ratio provides useful information to investors because it is widely used by analysts, investors and ratings agencies in evaluating the financial condition of companies.

    ADJUSTED EBITDA

    The following tables present reconciliations of the GAAP financial measures of net income (loss) and net cash provided (used) by operating activities to the non-GAAP financial measure of Adjusted EBITDA, as applicable, for each of the periods indicated.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    (in thousands)
    Adjusted EBITDA reconciliation:
    Net loss $ (96,680 )   $ (1,759 )   $ (40,084 )
    Add (Subtract):          
    Interest expense   15,172       10,859       9,140  
    Income tax (benefit) expense   (38,673 )     1,622       (13,900 )
    Depreciation, depletion, and amortization   40,392       43,579       42,831  
    Impairment of oil and gas properties   157,910       —       —  
    Stock compensation expense   2,406       2,315       385  
    (Gains) losses on derivatives   (11,166 )     13,613       75,681  
    Net cash (paid) received for scheduled derivative settlements   (1,312 )     722       (9,094 )
    Acquisition costs(1)   —       —       2,617  
    Non-recurring costs(2)   —       —       1,091  
    Other operating expense (income)   401       3,763       (133 )
    Losses on debt retirement(3)   —       7,066       —  
    Adjusted EBITDA $ 68,450     $ 81,780     $ 68,534  
               
    Net cash provided by operating activities $ 45,872     $ 41,361     $ 27,273  
    Add (Subtract):          
    Cash interest payments   13,459       14,129       15,256  
    Cash income tax payments   66       651       —  
    Acquisition costs(1)   —       —       2,617  
    Non-recurring costs(2)   —       —       1,091  
    Changes in operating assets and liabilities – working capital(4)   9,265       13,535       22,543  
    Other operating (income) expense – cash portion(5)   (212 )     7,664       (246 )
    Losses on debt retirement – cash portion(6)   —       4,440       —  
    Adjusted EBITDA $ 68,450     $ 81,780     $ 68,534  
    __________
    (1) Includes legal and other professional expenses related to various transactions activities.
    (2) Non-recurring costs included cost savings initiatives.
    (3) Includes expenses related to the retirement debt, as well as financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
    (4) Changes in other assets and liabilities consists of working capital and various immaterial items.
    (5) Represents the cash portion of other operating (income) expenses from the income statement, net of the non-cash portion in the cash flow statement.
    (6) Includes expenses related to the financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
     

    FREE CASH FLOW

    The following table presents a reconciliation of the GAAP financial measure of operating cash flow to the non-GAAP financial measure of Free Cash Flow for each of the periods indicated.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    (in thousands)
    Free Cash Flow reconciliation:          
    Net cash provided by operating activities $ 45,872     $ 41,361     $ 27,273  
    Capital expenditures   (28,389 )     (17,217 )     (16,936 )
    Free Cash Flow $ 17,483     $ 24,144     $ 10,337  
     

    LEVERAGE RATIO

    The following table presents our leverage ratio.

        Three Months Ended
        March 31, 2025   December 31, 2024
        (unaudited)
    (in thousands)
    Net debt reconciliation:        
    2024 Term loan borrowings   $ 438,750     $ 450,000  
    2024 Revolver borrowings     —       —  
    Subtract:        
    Unrestricted cash     (39,002 )     (15,336 )
    Net Debt   $ 399,748     $ 434,664  
             
    Trailing twelve month Adjusted EBITDA   $ 291,680     $ 291,764  
             
    Leverage Ratio   1.37x   1.49x
             

    ADJUSTED NET INCOME (LOSS)

    The following table presents a reconciliation of the GAAP financial measures of net income (loss) and net income (loss) per share — diluted to the non-GAAP financial measures of Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share — diluted for each of the periods indicated.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (in thousands)   per share – diluted   (in thousands)   per share – diluted   (in thousands)   per share – diluted
      (unaudited)
    Adjusted Net Income reconciliation:      
    Net loss $ (96,680 )   $ (1.25 )   $ (1,759 )   $ (0.02 )   $ (40,084 )   $ (0.52 )
    Add (Subtract):                      
    (Gains) losses on derivatives   (11,166 )     (0.14 )     13,613       0.18       75,681       0.98  
    Net cash (paid) received for scheduled derivative settlements   (1,312 )     (0.02 )     722       0.01       (9,094 )     (0.12 )
    Other operating expenses (income)   401       —       3,763       0.04       (133 )     —  
    Impairment of oil and gas properties   157,910       2.04       —       —       —       —  
    Acquisition costs(1)   —       —       —       —       2,617       0.03  
    Non-recurring costs(2)   —       —       —       —       1,091       0.02  
    Losses on debt retirement(3)   —       —       7,066       0.09       —       —  
    Total additions, net   145,833       1.88       25,164       0.32       70,162       0.91  
    Income tax expense of adjustments(4)   (39,783 )     (0.51 )     (6,874 )     (0.09 )     (19,168 )     (0.25 )
    Adjusted Net Income $ 9,370     $ 0.12     $ 16,531     $ 0.21     $ 10,910     $ 0.14  
                           
    Basic EPS on Adjusted Net Income $ 0.12         $ 0.21         $ 0.14      
    Diluted EPS on Adjusted Net Income $ 0.12         $ 0.21         $ 0.14      
                           
    Weighted average shares of common stock outstanding – basic   77,196           76,939           76,254      
    Weighted average shares of common stock outstanding – diluted   77,371           77,213           77,373      
    __________
    (1) Includes legal and other professional expenses related to various transaction activities.
    (2) Non-recurring costs included cost savings initiatives.
    (3) Includes expenses related to the retirement debt, as well as financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
    (4) The federal and state statutory rates were utilized for all periods presented.
     

    As a result of operating evaluations, market volatility and price declines we recorded a non-cash pre-tax asset impairment charge of $158 million ($113 million after-tax) on one of our non-thermal diatomite proved properties in California for the three months ended March 31, 2025. We believe our current plans and exploration and development efforts will allow us to realize the carrying value of our unproved property balance at March 31, 2025.

    ADJUSTED GENERAL AND ADMINISTRATIVE EXPENSES

    The following table presents a reconciliation of the GAAP financial measure of general and administrative expenses to the non-GAAP financial measure of Adjusted General and Administrative Expenses for each of the periods indicated.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    ($ in thousands)
    Adjusted General and Administrative Expense reconciliation:
    General and administrative expenses $ 20,305     $ 18,389     $ 20,234  
    Subtract:          
    Non-cash stock compensation expense (G&A portion)   (2,005 )     (2,064 )     (200 )
    Non-recurring costs(1)   —       —       (1,091 )
    Adjusted General and Administrative Expenses $ 18,300     $ 16,325     $ 18,943  
               
    Well servicing and abandonment services segment $ 2,300     $ 2,015     $ 2,929  
               
    E&P segment, and corporate $ 16,000     $ 14,310     $ 16,014  
    E&P segment, and corporate ($/boe) $ 7.19     $ 5.96     $ 6.93  
               
    Total mboe   2,225       2,400       2,310  
    __________                      
    (1) Non-recurring costs included cost savings initiatives.
     

    E&P OPERATING COSTS

    Overall, management assesses the efficiency of our E&P operations by considering core E&P operating costs. The substantial majority of such costs is our lease operating expenses (“LOE”) which includes fuel gas, purchased power, labor, field office, vehicle, supervision, maintenance, tools and supplies, and workover expenses. A core component of our E&P operations in California is steam, which we use to lift heavy oil to the surface. The most significant cost component of generating steam is the fuel gas purchased to operate traditional steam generators and our cogeneration facilities.

    The following table includes key components of our LOE as well as the gas purchase hedge effect of the fuel used in our steam generation. Energy LOE consists of the costs to generate the steam and electricity we produce and use in our operations and the power we purchase for our E&P operations. Non-energy LOE consists of all other LOE costs. Energy LOE – hedged includes the realized (cash settled) hedge effects on the fuel gas we purchase. LOE – hedged includes the realized (cash settled) hedge effects on our total LOE.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    ($ in thousands)
    Energy LOE – unhedged $ 26,323   $ 27,597   $ 30,090  
    Non-energy LOE   30,959     28,166     31,186  
    Lease operating expenses(1)   57,282     55,763     61,276  
    Gas purchase hedges – realized   1,476     3,184     4,412  
    Lease operating expenses – hedged $ 58,758   $ 58,947   $ 65,688  
               
    Energy LOE – unhedged $ 26,323   $ 27,597   $ 30,090  
    Gas purchase hedges – realized   1,476     3,184     4,412  
    Energy LOE – hedged $ 27,799   $ 30,781   $ 34,502  
      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    (per boe)
    Energy LOE – unhedged $ 11.83   $ 11.50   $ 13.03  
    Non-energy LOE   13.91     11.74     13.50  
    Lease operating expenses(1)   25.74     23.24     26.53  
    Gas purchase hedges – realized   0.66     1.33     1.91  
    Lease operating expenses – hedged $ 26.40   $ 24.57   $ 28.44  
               
    Energy LOE – unhedged $ 11.83   $ 11.50   $ 13.03  
    Gas purchase hedges – realized   0.66     1.33     1.91  
    Energy LOE – hedged $ 12.49   $ 12.83   $ 14.94  
    __________
    (1) Lease operating expenses (“LOE”) is also referred to as LOE – unhedged.
     

    Energy LOE – hedged and LOE – hedged are not complete measures of our operating costs. These are supplemental non-GAAP financial measures used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Our management believes Energy LOE – hedged and LOE – hedged provide useful information in assessing our operating costs and results of operations and are used by the industry and the investment community. These measures also allow our management to more effectively evaluate our operating performance and compare the results between periods.

    While Energy LOE – hedged and LOE – hedged are non-GAAP measures, the amounts included in the calculation of these measures were computed in accordance with GAAP. These measures are provided in addition to, and not as an alternative for, operating costs in accordance with GAAP and should not be considered as an alternative to, or more meaningful than cost measures calculated in accordance with GAAP. Our computations of Energy LOE – hedged and LOE – hedged may not be comparable to other similarly titled measures used by other companies. Energy LOE – hedged and LOE – hedged should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP.

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes Black Swan Graphene Inc. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Black Swan Graphene Inc. (“Black Swan”) (TSX-V: SWAN; OTCQX: BSWGF), a company focused on the large-scale production and commercialization of patented high-performance and low-cost graphene products, has qualified to trade on the OTCQX® Best Market. Black Swan upgraded to OTCQX from the OTCQB® Venture Market.

    Black Swan begins trading today on OTCQX under the symbol “BSWGF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

    “We are pleased to commence trading on OTCQX, an important step in broadening our reach with U.S. investors and increasing visibility for Black Swan,” said Simon Marcotte, President and CEO of Black Swan. “This milestone aligns with our strategy to expand our global presence, strengthen shareholder engagement, and support the development of advanced graphene applications across key industries.”

    About Black Swan Graphene Inc.

    Black Swan is focused on the large-scale production and commercialization of patented high-performance and low-cost graphene products aimed at several volume driven industrial sectors, including concrete, polymers, and others. Black Swan’s graphene processing technology was developed by Thomas Swan & Co. Ltd. (“Thomas Swan”) over the last decade. Thomas Swan is a United Kingdom-based global chemicals manufacturer with a century-long track record and a reputation for being at the forefront of advanced materials and graphene innovation. Since 2024, Black Swan has launched seven commercially available Graphene Enhanced Masterbatch (GEM) polymer products which are currently being tested by several international clients.
    More information is available at: www.blackswangraphene.com.

    About OTC Markets Group Inc.

    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market, and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATSTM are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Dave Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Q1 Revenue Hits $108.0 Million, Representing Accelerating Growth of 47% Y/Y

    Q1 Net Income Reaches $28.8 Million; Adj. EBITDA Increases 235% Y/Y to $44.2 Million

    Raises 2025 Revenue and Adj. EBITDA Guidance to $460-$475 Million and $155-$165 Million, respectively

    LOS ANGELES, May 08, 2025 (GLOBE NEWSWIRE) — Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the first quarter ended March 31, 2025.

    “We knocked the cover off the ball in Q1,” said Jason Wilk, Founder and CEO of Dave. “Revenue grew at the fastest year-over-year pace since 2021 when our business was a fraction of its current size. Given the operating leverage of our business model, Adjusted EBITDA increased 235% year-over-year and 32% sequentially to $44.2 million. This acceleration was driven by solid execution across the business and amplified by the early success of our new fee structure, which has enhanced monetization and conversion rates while maintaining strong member retention.

    “Despite the typical seasonal patterns that temper ExtraCash demand in Q1, we originated over $1.5 billion, up 46% from Q1 2024 and 3% from Q4. Meanwhile, our credit metrics continue to hit record levels with our 28-day delinquency rate dropping by 33 basis points year-over-year, driven by ongoing optimization of CashAI. These improvements contributed to another record quarter of non-GAAP variable margin, which reached 77%, nearly doubling over the past three years.

    “Building on the success of CashAI and our increased confidence in our new fee model, in combination with our positive growth outlook, we are raising full year Revenue and Adjusted EBITDA guidance.”

    Quarterly Financial Highlights ($ in millions, unaudited)

      1Q24 2Q24 3Q24 4Q24 1Q25
    GAAP Operating Revenues, Net
    % Change vs. prior year period    		 $73.6
    25%    		 $80.1
    31%    		 $92.5
    41%    		 $100.9
    38%    		 $108.0
    47%
    Non-GAAP Variable Profit*
    % Change vs. prior year period    		 $49.9
    47%    		 $51.8
    57%    		 $64.2
    72%    		 $72.6
    58%    		 $83.4
    67%
    Non-GAAP Variable Profit Margin* 68% 65% 69% 72% 77%
    GAAP Net Income $34.2 $6.4 $0.5 $16.8 $28.8
    Adjusted Net Income* $8.1 $13.7 $21.1 $29.6 $36.3
    Adjusted EBITDA* $13.2 $15.2 $24.7 $33.4 $44.2

    *Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

    First Quarter 2025 Operating Highlights (vs. First Quarter 2024)

    • New Members increased to 569,000 while customer acquisition costs increased $2, remaining highly efficient at $18
    • Monthly Transacting Members (“MTMs”) increased 13% to 2.5 million
    • ExtraCash originations increased 46% to $1.5 billion, while the average 28-Day delinquency rate improved 33 basis points to 1.50%
    • Dave Debit Card spend increased 24% to $488 million
    • For a full review of the Company’s key performance indicators, please refer to the Company’s First Quarter Earnings Presentation which can be found on the Investor Relations page of Dave’s website

    Liquidity Summary

    As of March 31, 2025, the Company had $89.7 million in cash and cash equivalents, marketable securities, investments, and restricted cash, down from $91.9 million as of December 31, 2024. The $2.2 million decrease reflects an $18.8 million increase in the net ExtraCash Receivables balance and over $20 million in cash used for restricted stock unit net settlements and share repurchases, offset by positive free cash flow generated during the quarter.

    2025 Financial Guidance ($ in millions)

      Prior FY 2025 New FY 2025
    GAAP Operating Revenues, Net
    Year-Over-Year Growth    		 $415 – $435
    20% – 25%    		 $460 – $475
    33% – 37%
    Adjusted EBITDA*
    Year-Over-Year Growth    		 $110 – $120
    27% – 39%    		 $155 – $165
    79% – 91%

    *Non-GAAP measure. The Company does not provide a quantitative reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

    Dave’s CFO, Kyle Beilman, commented: “Our Q1 results demonstrate the continued financial strength and operating efficiency of our business model. We delivered meaningful growth during what is typically our lowest demand period, driven by continued growth in originations per member as a result of the improvements in unit economics and member lifetime value under our new fee model.

    “Given our free cash flow generation, liquidity position and confidence in our outlook, our Board authorized a $50 million share repurchase program during the quarter, which we began executing in late Q1. In total, we deployed over $20 million during the quarter through share repurchases and RSU net settlements to reduce our share count. We will continue to evaluate these capital allocation tools as levers to enhance shareholder value, particularly as we believe our current valuation understates the strength of our fundamentals.”

    Conference Call 
    Dave management will host a conference call on Thursday, May 8th, 2025, at 8:30 a.m. Eastern time to discuss its full financial results for the first quarter ended March 31, 2025, followed by a question-and-answer period. The conference call details are as follows:

    Date: Thursday, May 8th, 2025
    Time: 8:30 a.m. Eastern time
    Toll-free dial-in number: (866) 652-5200
    International dial-in number: (412) 317-6060
    Webcast: link

    The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://investors.dave.com.

    If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at DAVE@elevate-ir.com.

    About Dave

    Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.

    Forward-Looking Statements

    This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feels,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “remains,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and Chief Financial Officer relating to Dave’s future performance and growth, statements relating to fiscal year 2025 guidance, projected financial results for future periods, share repurchases, and other statements about future events. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological developments in its industry and the larger financial services industry; the ability of Dave to manage risks associated with providing ExtraCash; the ability of Dave to retain its current customers, acquire new customers (collectively, “Members”) and sell additional functionality and services to its Members; the ability of Dave to protect intellectual property and trade secrets; the ability of Dave to maintain the integrity of its confidential information and information systems or comply with applicable privacy and data security requirements and regulations; the reliance by Dave on a single bank partner; the ability of Dave to maintain or secure current and future key banking relationships and other third-party service providers, including its ability to comply with applicable requirements of such third parties; the ability of Dave to comply with extensive and evolving laws and regulations applicable to its business; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business; the ability to attract or maintain a qualified workforce; the level of product service failures that could lead Members to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings, including the Department of Justice’s lawsuit against Dave; the ability to maintain the listing of Dave Class A Common Stock on The Nasdaq Stock Market; the possibility that Dave may be adversely affected by other macroeconomic factors, including regulatory uncertainty, fluctuating interest rates, inflation, unemployment rates, consumer sentiment, market volatility and business, and/or competitive factors; and other risks and uncertainties discussed in Dave’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2025 and subsequent Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the SEC and other reports and documents Dave files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Dave undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

    Non-GAAP Financial Information

    This press release contains references to Adjusted EBITDA, which is a non-GAAP financial measure that is adjusted from results based on generally accepted accounting principles in the United States (“GAAP”) and excludes certain expenses, gains and losses. The Company defines and calculates Adjusted EBITDA as GAAP net income attributable to Dave before the impact of interest income or expense, provision for income taxes, and depreciation and amortization, and adjusted to exclude non-recurring legal settlement and litigation expenses, gain on extinguishment of convertible debt, stock-based compensation expense and certain other non-core items. The Company defines and calculates non-GAAP variable operating expenses as operating expenses excluding non-variable operating expenses. The Company defines non-variable operating expenses as all advertising and marketing operating expenses, compensation and benefits operating expenses, and certain operating expenses (legal, rent, technology/infrastructure, depreciation, amortization, charitable contributions, other operating expenses, upfront Member account activation costs and upfront Dave Banking expenses). The Company defines and calculates non-GAAP variable profit as GAAP Operating Revenues, Net less non-GAAP variable operating expenses. The Company defines and calculates non-GAAP variable profit margin as non-GAAP variable profit as a percent of GAAP Operating Revenues, Net. The Company defines and calculates adjusted net income as GAAP net income adjusted to exclude stock-based compensation, the gain on extinguishment of convertible debt, non-recurring legal settlement and litigation expenses, and certain other non-core items. The Company defines and calculates non-GAAP adjusted basic EPS and non-GAAP adjusted diluted EPS as adjusted net income divided by weighted average shares of common stock-basic and weighted average shares of common stock-diluted, respectively.

    These non-GAAP financial measures may be helpful to the user in assessing our operating performance and facilitate an alternative comparison among fiscal periods. The Company’s management team uses these non-GAAP financial measures in assessing performance, as well as in planning and forecasting future periods. The methods the Company uses to compute these non-GAAP financial measures may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

    Refer to the section further below for a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure for the three months ended March 31, 2025, and 2024.

    Investor Relations Contact

    Sean Mansouri, CFA
    Elevate IR
    DAVE@elevate-ir.com

    Media Contact

    Dan Ury
    press@dave.com

    DAVE INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in millions, except per share data)
    (unaudited)
             
        For the Three Months Ended March 31,
          2025       2024  
             
    Operating revenues:        
    Service based revenue, net   $ 97.9     $ 65.6  
    Transaction based revenue, net     10.1       8.0  
    Total operating revenues, net     108.0       73.6  
    Operating expenses:        
    Provision for credit losses     10.6       9.9  
    Processing and servicing costs     7.1       7.7  
    Advertising and marketing     10.3       9.1  
    Compensation and benefits     27.5       24.6  
    Other operating expenses     17.3       16.9  
    Total operating expenses     72.8       68.2  
    Other (income) expenses:        
    Interest expense, net     1.3       0.7  
    Gain on extinguishment of convertible debt     —       (33.4 )
    Changes in fair value of earnout liabilities     (0.4 )     0.2  
    Changes in fair value of public and private warrant liabilities     0.4       0.5  
    Total other expense (income), net     1.3       (32.0 )
    Net income before provision for income taxes     33.9       37.4  
    Provision for income taxes     5.1       3.2  
    Net income   $ 28.8     $ 34.2  
             
    Net income per share:        
        Basic   $ 2.19     $ 2.80  
        Diluted   $ 1.97     $ 2.60  
             
             
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP VARIABLE OPERATING EXPENSES
    (in millions)
    (unaudited)
             
         
        For the Three Months Ended March 31,
          2025       2024  
             
    Operating expenses   $ 72.8     $ 68.2  
    Non-variable operating expenses     (48.2 )     (44.5 )
    Non-GAAP variable operating expenses   $ 24.6     $ 23.7  
             
             
    CALCULATION OF NON-GAAP VARIABLE PROFIT
    (in millions)
    (unaudited)
             
         
        For the Three Months Ended March 31,
          2025       2024  
             
    GAAP operating revenues, net   $ 108.0     $ 73.6  
    Non-GAAP variable operating expenses     (24.6 )     (23.7 )
    Non-GAAP variable profit   $ 83.4     $ 49.9  
    Non-GAAP variable profit margin     77 %     68 %
             
             
    DAVE INC.
    RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
    (in millions)
    (unaudited)
             
         
        For the Three Months Ended March 31,
          2025       2024  
             
    Net income   $ 28.8     $ 34.2  
    Interest expense, net     1.3       0.7  
    Provision for income taxes     5.1       3.2  
    Depreciation and amortization     1.5       1.7  
    Stock-based compensation     7.5       6.1  
    Gain on extinguishment of convertible debt     —       (33.4 )
    Changes in fair value of earnout liabilities     (0.4 )     0.2  
    Changes in fair value of public and private warrant liabilities     0.4       0.5  
    Adjusted EBITDA   $ 44.2     $ 13.2  
             
             
    DAVE INC.
    RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME
    (in millions, except per share data)
    (unaudited)
             
         
        For the Three Months Ended March 31,
          2025       2024  
             
    Net income   $ 28.8     $ 34.2  
    Stock-based compensation     7.5       6.1  
    Gain on extinguishment of convertible debt     —       (33.4 )
    Changes in fair value of earnout liabilities     (0.4 )     0.2  
    Changes in fair value of public and private warrant liabilities     0.4       0.5  
    Income tax expense related to gain on extinguishment of convertible debt     —       0.5  
    Adjusted net income   $ 36.3     $ 8.1  
             
    Adjusted net income per share:        
        Basic   $ 2.76     $ 0.66  
        Diluted   $ 2.48     $ 0.62  
             
             
    DAVE INC.
    LIQUIDITY AND CAPITAL RESOURCES
    (in millions)
    (unaudited)
             
        March 31,   December 31,
          2025       2024  
             
    Cash, cash equivalents and restricted cash   $ 48.7     $ 51.4  
    Marketable securities     0.1       0.1  
    Investments     41.0       40.5  
    Working capital     264.0       247.2  
    Total stockholders’ equity     199.5       183.1  

    The MIL Network –

  • MIL-OSI: Biz2Credit’s Annual Top 25 Cities for Small Business Report Identifies Worcester, MA as #1

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — The 2025 Biz2Credit Top Cities for Small Business Study has identified Worcester, MA, as the top city for small businesses in its annual financial analysis. According to Biz2Credit’s analysis, the other cities in the top five are: Ventura, CA, Stamford, CT, Portland, OR, and San Jose, CA.  

    The study examined financial indicators, including annual revenue, credit score, age of business, and the proprietary BizAnalyzer® scores of businesses that applied for funding with Biz2Credit during 2024. The analysis found that small businesses’ average revenue increased while credit scores dipped slightly. 

    Key Findings:  

    • The top 25 study saw moderate changes compared to 2024, with the most notable being California’s tech-heavy bay area losing its top two spots. 
    • The leading industries among the top cities are retail trade, construction, healthcare & social assistance, and accommodation and food services. 
    • Average credit scores decreased by 5 points, from 652 to 647.  
    • Seven cities are new to the list this year: Worcester, MA (1), Buffalo, NY (11), Fresno, CA (15), Richmond, VA (17), Myrtle Beach, SC (23), New Haven, CT (24), Indianapolis, IN (25) 
    • Eight cities fell off the 2024 list: Pittsburgh, PA, Sacramento, CA, Minneapolis, MN, Port St. Lucie, FL, Philadelphia, PA, Hartford, CT, Riverside, CA, and Phoenix, AZ all fell outside the top 25 from last year’s list. This is the same number that fell off in Biz2Credit’s 2024 study. 

    The Top 25 Cities for Small Business for this year (with 2024 ranking in parenthesis) are:  

    1. Worcester, MA (unranked)
    2. Ventura/Oxnard, CA (13) 
    3. Greater Bridgeport, CT (5) 
    4. Portland, OR (7) 
    5. San Jose, CA (1) 
    6. Seattle, WA (4) 
    7. Salt Lake City, UT (11) 
    8. Colorado Springs, CO (3) 
    9. Nashville, TN (22) 
    10. Denver, CO (15) 
    11. Buffalo, NY (unranked) 
    12. Providence, RI (9) 
    13. San Diego, CA (6) 
    14. San Francisco, CA (2) 
    15. Fresno, CA (unranked) 
    16. Boston, MA (12) 
    17. Richmond, VA (unranked) 
    18. New York City, NY (8) 
    19. Los Angeles, CA (17) 
    20. Washington, D.C. (16) 
    21. Baltimore, MD (10) 
    22. Hartford, CT (23) 
    23. Myrtle Beach, SC (unranked) 
    24. New Haven, CT (unranked) 
    25. Indianapolis, IN (unranked) 

    “Small businesses in Ventura County (Ventura and Oxnard) had high average annual revenues ($1,075,489), strong average credit score (679), and are mature businesses,” said Rohit Arora, CEO of Biz2Credit and one of the nation’s leading experts in small business finance. “This year’s top 5 continues to show the strength of our nation’s coastal states as hubs for small and medium size businesses.” 

    Methodology  

    The data included in this study was collected from submitted cases between Jan. 1, 2024, and Dec. 31, 2024. The study encompassed more than 75,000 applications. Biz2Credit set a threshold of 150 applications for an MSA (Metropolitan Statistical Area) to be included in the 2024 study. As a result, the MSA level analysis was based on 49,940 cases above the threshold. Data pertaining to state name, MSA, and ZIP code is from the U.S. Census.  

    The 2025 Top 25 Cities Study is based on actual verified cash flows of merchants on the Biz2Credit platform during 2024. Submitted cases with an annual revenue exceeding $5 million were excluded from the revenue analysis. The ranking of cities in the study was established using BizAnalyzer Score (BA Score), a proprietary score developed by Biz2Credit. To determine the BA Score, Biz2Credit examined several key factors, including Credit Score, Annual Revenue, Age of Business, Debt-to-Income Ratio, and Cash Flow Analytics powered by Bank Statement Analyzer. 

    About Biz2Credit  

    Founded in 2007, Biz2Credit has helped thousands of companies access more than in small business financing. Biz2Credit is headquartered in New York City, employs over 800 people with over half in product, data science, and engineering roles. Using data analytics and predictive modeling, Biz2Credit seeks to enhance the accuracy and transparency of business credit decisions, fueling long-term economic development. Visit www.biz2credit.com, or follow the company on LinkedIn, Instagram, Facebook, and X (formerly Twitter).

    Media Contact: Brett Holzhauer, (818) 326-1109, brett.holzhauer@biz2credit.com 

    The MIL Network –

  • MIL-OSI: Himax Technologies, Inc. Reports First Quarter 2025 Financial Results; Provides Second Quarter Guidance

    Source: GlobeNewswire (MIL-OSI)

    Q1 2025 Revenues At the High End of Projected Range, Gross Margin In-Line, EPS Exceeded Guidance Range Issued on February 13, 2025
    Company Q2 2025 Guidance: Revenues to Decrease 5.0% to Increase 3.0% QoQ, Gross Margin is Expected to be Around 31.0%. Profit per Diluted ADS to be 8.5 Cents to 11.5 Cents

    • Q1 2025 revenues were $215.1M, a decrease of 9.3% QoQ, reaching the high end of the guidance range of 8.5% to 12.5% decrease QoQ
    • Q1 GM reached 30.5%, in line with guidance of around 30.5%, flat from last quarter but up from 29.3% the same period last year, mainly a result of favorable product mix and continued cost optimization
    • Q1 2025 after-tax profit was $20.0M, or 11.4 cents per diluted ADS, exceeding the guidance range of 9.0 cents to 11.0 cents
    • Himax Q2 2025 revenues to decline 5.0% to increase 3.0% QoQ. GM to be around 31.0%, up from 30.5% in the prior quarter. Profit per diluted ADS to be in the range of 8.5 cents to 11.5 cents
    • Currently, tariffs have not had a significant direct impact on Himax’s business
    • Conservative Q2 revenue guidance reflects customers’ overall caution toward the global economic outlook and end market demand. Low 2H25 market visibility as tariff negotiations continues
    • As the tariff-driven supply chain restructuring gains momentum, Himax is deepening its well-established Taiwan supply chain and strengthening into CN, KR, SG to enhance production flexibility, cost competitiveness and mitigate geopolitical risks
    • Despite near-term headwinds, Himax continues to lead the global automotive display market, holding a 40% share in DDIC, over 50% in TDDI, and an even higher share in cutting-edge local dimming Tcon technologies
    • Sample shipments of first-gen silicon photonics packaging solution for engineering validation and trial production are proceeding as planned. Himax continues to advance technology roadmap in close collaboration with FOCI, top-tier AI companies, and foundry partner through joint development of future-gen CPO solutions to meet the escalating bandwidth requirements driven by AI and HPC
    • Despite the volatile geopolitical environment, Himax continues to actively explore high-growth markets to expand global footprint while developing long-term competitive advantages. Established a three-party strategic alliance with Powerchip and Tata Electronics. The collaboration echoes the “Make in India” strategy of the Indian government for high-tech areas while exploring India’s vast market demand

    TAINAN, Taiwan, May 08, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, announced its financial results for the first quarter 2025 ended March 31, 2025.

    “The recent abrupt and significant NT dollar appreciation against the US dollar, its impact on our Q2 financial results is limited and has been accounted for in Q2 financial guidance. Currently, tariffs have not had a significant direct impact on Himax’s business, as our IC products are not directly exported to the U.S. Amid the volatile macro environment, most panel customers have adopted a make-to-order model and are keeping inventories lean. In response, we are carefully monitoring wafer-starts, maintaining low inventory levels, and rigorously controlling operating expenses,” said Mr. Jordan Wu, President and Chief Executive Officer of Himax.

    “Automotive IC business currently accounts for half of Himax’s revenue. Having served the automotive display market for almost two decades, Himax has maintained a balanced global market share across major regions while demonstrating technological leadership and offering the industry’s most comprehensive suite of panel ICs, spanning LCD to OLED. Combined with over a decade of loyal relationships with global Tier 1 suppliers and automotive brands, these strengths help mitigate potential risks from tariffs and reinforce the long-term stability of our automotive business. In addition, Himax remains committed to a number of innovative fields, namely ultralow power AI, AR glasses, and co-packaged optics. These innovative fields are relatively less affected by macroeconomic fluctuations, and customer development efforts have not slowed due to tariff uncertainties. We expect these businesses to contribute meaningfully to both revenue and gross margin in the years ahead,” concluded Mr. Jordan Wu.

    First Quarter 2025 Financial Results

    Himax net revenues registered $215.1 million, a decrease of 9.3% sequentially, reaching the high end of guidance range of a decline of 8.5% to 12.5%, but representing a 3.7% increase year over year. Gross margin was 30.5%, in line with guidance of around 30.5%, flat from last quarter and up from 29.3% in the same period last year. The year-over-year increase was driven by a favorable product mix and continued cost optimization. Q1 profit per diluted ADS was 11.4 cents, exceeding the guidance range of 9.0 to 11.0 cents, primarily due to lower operating expenses.

    Revenue from large display drivers came in at $25.0 million, flat from last quarter despite the seasonal downturn. This was primarily driven by demand spurred by Chinese government subsidies aimed at reviving domestic consumption. Notebook and monitor IC sales both recorded solid double-digit growth in Q1. In contrast, TV IC sales declined as expected, due to customers pulling forward their inventory purchases in the prior quarter. Sales of large panel driver ICs accounted for 11.6% of total revenues for the quarter, compared to 10.5% last quarter and 15.1% a year ago.

    Revenue from the small and medium-sized display driver segment totaled $150.5 million, reflecting a sequential decline of 9.8% amid a typical low season. However, Q1 automotive driver sales, including both traditional DDIC and TDDI, outperformed guidance of a low-teens sequential decline, declining just single digit from the last quarter. The sequential decline reflected the waning effect of the Chinese government’s renewed trade-in stimulus, announced in mid-August 2024, while demand in other major markets remained stable. Q1 auto IC sales rose nearly 20% year over year, reflecting ongoing customer reliance on Himax’s technology and the strength of Company’s competitive moat. Himax’s automotive business, comprising DDIC, TDDI, Tcon, and OLED IC sales, remained the largest revenue contributor in the first quarter, representing more than 50% of total revenues. Meanwhile, both smartphone and tablet driver sales declined as expected amid a subdued festival season. The small and medium-sized driver IC segment accounted for 70.0% of total sales for the quarter, compared to 70.3% in the previous quarter and 69.5% a year ago.

    Q1 non-driver sales reached $39.6 million, a 12.8% decrease from the previous quarter. The sequential decline was primarily attributable to the absence of a one-time ASIC Tcon shipment to a leading projector customer in the prior quarter, coupled with a moderation in automotive Tcon shipments after several quarters of robust growth. That being said, Himax’s position in local dimming Tcon for automotive remains unrivaled, supported by increasing validation and adoption from leading panel makers, Tier 1 suppliers, and automotive manufacturers around the world. Himax also has a robust pipeline of over two hundred design-win projects that are set to gradually enter mass production in the coming years. Non-driver products accounted for 18.4% of total revenues, as compared to 19.2% in the previous quarter and 15.4% a year ago.

    First quarter operating expenses were $45.7 million, a decrease of 7.0% from the previous quarter and a decline of 9.8% from a year ago. Amid ongoing macroeconomic challenges, Himax is strictly enforcing budget and expense controls.

    First quarter operating income was $19.8 million or 9.2% of sales, compared to 9.7% of sales last quarter and 4.8% of sales for the same period last year. The sequential decrease was mainly the result of lower sales, offset by lower operating expenses. The year-over-year increase resulted primarily from higher sales, improved gross margins, and lower operating expenses. First-quarter after-tax profit was $20.0 million, or 11.4 cents per diluted ADS, compared to $24.6 million, or 14.0 cents per diluted ADS last quarter, and up from $12.5 million, or 7.1 cents in the same period last year.

    Balance Sheet and Cash Flow

    Himax had $281.0 million of cash, cash equivalents and other financial assets as of March 31, 2025. This compares to $277.4 million at the same time last year and $224.6 million a quarter ago. Himax achieved a strong positive operating cash flow of $56.0 million for the first quarter. As of March 31, 2025, Himax had $33.0 million in long-term unsecured loans, with $6.0 million being the current portion.

    Himax’s quarter-end inventories as of March 31, 2025 were $129.9 million, lower than $158.7 million last quarter and $201.9 million same period last year. Himax’s inventory levels have steadily declined for ten consecutive quarters since peaking during the Covid 19 pandemic when the industry was undergoing a supply shortage. As macroeconomic uncertainty impairs visibility across the ecosystem, Himax will continue to manage its inventory conservatively. Accounts receivable at the end of March 2025 was $217.5 million, down from $236.8 million last quarter but slightly up from $212.3 million a year ago. DSO was 91 days at the quarter end, as compared to 96 days last quarter and 93 days a year ago. First quarter capital expenditures were $5.2 million, versus $3.2 million last quarter and $2.7 million a year ago. First quarter capex was mainly for R&D related equipment for Company’s IC design business and ongoing construction of a new preschool near Himax’s Tainan headquarters for children of employees. The preschool is scheduled to open in 2026, reinforcing Company’s commitment to a family‑friendly workplace.

    Prior to today’s call, Himax announced an annual cash dividend of 37.0 cents per ADS, totaling $64.5 million and payable on July 11, 2025, with a payout ratio of 81.1% of the previous year’s profit. Himax will continue to focus on maintaining a healthy balance sheet while driving sustainable long-term growth to deliver value for its shareholders through high dividends and share repurchases.

    Outstanding Share

    As of March 31, 2025, Himax had 174.9 million ADS outstanding, unchanged from last quarter. On a fully diluted basis, the total number of ADS outstanding for the first quarter was 175.1 million. 

    Q2 2025 Outlook

    On the recent abrupt and significant NT dollar appreciation against the US dollar, its impact on Himax’s Q2 financial results is limited and has been accounted for in the financial guidance for the quarter. All of Himax’s revenues and nearly all of its cost of sales are US dollar denominated, providing a natural hedge for its buying and selling activities. In addition, the bulk of our R&D expenses, save for employee salaries, are also US dollar based. For employee compensation, a major item of Himax’s operating expenses, while its employees are paid in the local currency of their location for their salaries, their bonuses are all US dollar based. Other major non-US dollar expenses, mostly NT dollar-denominated, include utilities and income tax expenses. While Company don’t hedge for currency risk of our non-US dollar based operational expenses as the cost of such hedging would usually outweigh the benefit, Himax does purchase NTD in advance to cover the income tax payable, thereby minimizing the currency risk of a major expense item.

    The recently announced U.S. tariff measures have intensified global trade tensions, triggered volatility in capital markets, and heightened macroeconomic and market demand uncertainty. Currently, tariffs have not had a significant direct impact on Himax’s business, as Company’s IC products are not directly exported to the U.S. Instead, they are assembled into panels or modules by customers outside the United States and then sold into global markets, including the United States. Just a negligible portion — about 2%—of Himax’s products are shipped directly to the United States. Only customers for these products are subject to U.S. tariffs. Almost all of these products are manufactured in Taiwan. While some customers have requested early shipments to avoid tariff duties, many others have opted to defer their orders amid ongoing tariff-related uncertainties. The company’s conservative Q2 revenue guidance reflects the highly cautious stance of its customers in general toward the global economic outlook and end market demand amid ongoing tariff development. Looking into the second half of the year, overall market visibility remains low with the world continuing to closely monitor the development of tariff negotiations. As the tariff-driven supply chain restructuring gains momentum, Himax is deepening its well-established supply chain in Taiwan while further strengthening its supply chain presence in China, Korea, Singapore, and other regions to ensure production flexibility and cost competitiveness, and to better mitigate geopolitical risks.   

    Amid the volatile macro environment, most panel customers have adopted a make-to-order model and are keeping inventories lean. In response, Himax is carefully monitoring wafer-starts, maintaining low inventory levels, and rigorously controlling operating expenses. Concurrently, Company is further optimizing costs by diversifying both foundry and backend packaging and testing, while mitigating risks and enhancing manufacturing flexibility. This approach is exemplified by the major milestone recently achieved in automotive display IC collaboration with Nexchip in China, with products now in mass production and adopted by leading automakers. This not only validates Himax’s diversified supply chain strategy but also underscores its steadfast commitment to scaling capacity and cost optimization.

    Automotive IC business currently accounts for half of Himax’s revenue. Having served the automotive display market for almost two decades, Himax has maintained a balanced global market share across major regions while demonstrating technological leadership and offering the industry’s most comprehensive suite of panel ICs, spanning LCD to OLED. Combined with over a decade of loyal relationships with global Tier 1 suppliers and automotive brands, these strengths help mitigate potential risks from tariffs and reinforce the long-term stability of Himax’s automotive business.

    In addition, Himax remains committed to a number of innovative fields, namely ultralow power AI, AR glasses, and co-packaged optics (CPO). Technologies in these areas are approaching maturity and offer substantial growth potential. As a pioneer and leader in key technologies enabling these novel areas, Himax is working closely with supply chain partners, from technology development through to mass production, to actively expand new business opportunities. These innovative fields are relatively less affected by macroeconomic fluctuations, and customer development efforts have not slowed due to tariff uncertainties. Himax expects these businesses to contribute meaningfully to both revenue and gross margin in the years ahead.

    Despite the volatile geopolitical environment, Himax continues to actively explore high-growth markets, establish close partnerships with industry-leading companies, and continue to expand its global footprint while developing long-term competitive advantages. In Himax’s latest cross-border cooperation the Company established a three-party strategic alliance with Powerchip and Tata Electronics, a subsidiary of Tata Group, India’s largest and most influential conglomerate. This collaboration combines Tata Electronics’ deep manufacturing and local supply chain integration strengths, Powerchip’s mature wafer manufacturing capabilities, and Himax’s leading display IC and WiseEye ultralow power AI sensing technologies to jointly create a powerful ecosystem. The collaboration echoes the “Make in India” strategy of the Indian government for high-tech areas while exploring the huge potential demand of the Indian market.

    Display Driver IC Businesses

    LDDIC

    In Q2 2025, Himax anticipates large display driver IC sales to decline by a single digit sequentially, driven by customers’ pull forward orders placed in prior quarters, against the backdrop of Chinese government subsidies boosting domestic consumption. Monitor and notebook IC sales are expected to decrease in Q2, whereas TV IC sales are set to increase sequentially, driven by higher shipments to key end customers.

    Looking ahead in the notebook sector, Himax is observing a growing trend for premium notebooks to adopt OLED displays and advanced touch features, partially fueled by the rise of AI PC. Himax is well-positioned to capitalize on this trend, offering a comprehensive range of ICs for both LCD and OLED notebooks, including DDIC, Tcon, touch controllers, and TDDI. In addition, Himax is expanding its high-speed interface product portfolio to support faster data transfer rates, lower latency, and improved power efficiency, features that are critical for next-generation displays. Himax has made progress on the next-generation eDP 1.5 display interface for Tcon for both LCD and OLED panels. This high-speed interface supports high frame rates, low power consumption, adaptive sync, and high resolution, key features essential for next-generation AI PCs. Through ongoing portfolio expansion and continuous technology innovation, Himax is well-positioned to lead in the rapidly evolving landscape of AI PCs and premium notebooks.

    SMDDIC

    Q2 small and medium-sized display driver IC business is expected to decline single-digit from the last quarter. Himax expects Q2 automotive driver IC sales, including both TDDI and traditional DDIC, to decline mid-teens sequentially, reflecting the combined impact of tariffs and the waning effect of China’s automotive subsidy program. Despite these near-term headwinds, automotive TDDI adoption continues to expand across the globe, driven by growing demand for more intuitive, interactive, and cost-effective touch panel features essential in modern vehicles. Himax’s cumulative shipments of automotive TDDI have outpaced competitors, with nearly 500 design-in projects secured to date, the majority of which have yet to enter mass production. On top of a continuous influx of new pipelines and design wins across the board, Himax is well-positioned for continued growth, further reinforcing Himax’s leadership in this space. For automotive DDIC, Himax continues to see solid shipment volume for automotive DDICs for non-touch applications including cluster displays, HUDs, and rear- and side-view mirrors. Company’s confidence is further strengthened by the growing proliferation of advanced technologies, such as LTDI (Large Touch and Display Driver Integration) in large-display car models. Himax is a pioneer in LTDI technology, which supports seamless, integrated large touch display panels, typically larger than 30 inches or spanning pillar-to-pillar across the entire width of the cockpit. LTDI also features high-density touch functionality for responsive performance, making it ideal for next-generation smart cabin designs that emphasize large displays and intuitive touch interaction. Additionally, Himax is seeing an increasing number of customers choosing to adopt its integrated LTDI and Tcon solution as the standard platform for their ultra large automotive display development. Such panels typically require four or more LTDI chips and at least one local dimming Tcon per panel. This growing platform adoption of more of Himax’s automotive IC offerings not only reflects strong customer loyalty to its technologies but also signifies an increase in content value for Himax on a per-panel basis. Multiple projects with global leading car brands are set to begin mass production starting the end of 2025. Himax continues to lead the global automotive display market, holding a 40% share in DDIC, over 50% in TDDI, and an even higher share in cutting-edge local dimming Tcon technologies.

    Himax expects Q2 smartphone IC revenues to decline mid-teens from last quarter, while tablet IC sales are poised to grow by high teens sequentially, driven by renewed demand from leading customers following several quiet quarters.

    On OLED business update. In the automotive OLED market, Himax has forged strategic alliances with leading panel makers in Korea, China, and Japan. As OLED technology expands beyond premium car models, Himax is well positioned to become the partner of choice and accelerate OLED adoption in vehicles by capitalizing on its strong presence and proven track record in automotive LCD displays. Leveraging Himax’s first mover advantage, Company offers a comprehensive suite of solutions, including DDIC, Tcon, and on-cell touch controllers. It’s worth noting that Himax’s advanced OLED on-cell touch-control technology boasts an industry-leading signal-to-noise ratio exceeding 45 dB, delivering reliable performance even under challenging operational conditions such as glove wearing or wet-finger. The solution entered mass production in 2024, and an increasing number of leading global brands are rapidly adopting it for their premium car models. Himax expects to be a key beneficiary of the shift to OLED displays for the automotive industry over the next few years, unlocking a new growth driver for Himax that further reinforces its market leadership.

    In addition, Himax has expanded its comprehensive OLED portfolio into the tablet and notebook markets, covering DDIC, Tcon, and touch controllers, through partnerships with leading OLED panel makers in Korea and China. Several new projects are slated to enter mass production with top-tier brands later this year. Meanwhile, Himax is developing value-added features, such as active stylus and gaming models to further enhance its product differentiation and competitive edge. In the smartphone OLED market, Himax is making solid progress in its collaborations with customers in Korea and China and expects mass production to start later this year.

    Non-Driver Product Categories

    Q2 non-driver IC revenues are expected to increase low teens sequentially.

    Timing Controller (Tcon)

    Himax anticipates Q2 2025 Tcon sales to increase high teens sequentially, primarily due to increased shipment of Tcon for notebook and automotive products. Automotive Tcon sales are set to increase by double digit in Q2, fueled by a strong pipeline of over two hundred design-win projects gradually entering mass production. With a steady influx of new projects, coupled with growing validation and widespread adoption of Himax’s local dimming Tcon in both premium and mainstream car models worldwide, Himax continues to maintain an unchallenged leadership position with a dominant market share. In the second quarter, Himax expects Tcon business to account for over 12% of total sales, with notable contributions from automotive Tcon. Meanwhile, head-up-display (HUD) is emerging as a major growth area within automotive displays, where local dimming Tcon adoption is accelerating. Himax’s industry-leading local dimming Tcon eliminates the “postcard effect” often seen in HUDs, caused by backlight leakage typical of conventional TFT LCD panels, delivering crisp, high‑fidelity images on the windshield. Additionally, it features advanced transparency detection to prevent the display from obstructing the driver’s view, thereby ensuring driving safety. With several HUD projects already underway and increasing inquiries, Himax is excited about the potential opportunity ahead. Himax’s automotive Tcon business is well positioned for growth over the next few years.

    WiseEye™ Ultralow Power AI Sensing

    On the update of WiseEye™ ultralow power AI sensing solution, a cutting-edge endpoint AI integration featuring industry-leading ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm. In the rapidly evolving AI landscape, WiseEye AI technology stands out for its expertise in on‑device AI, characterized by remarkably low power consumption, operating at just single‑digit milliwatts, and enabling AI functionality in battery‑powered endpoint devices. Additionally, WiseEye AI significantly extends battery life and improves overall data processing efficiency by offloading tasks from the main processor. These attributes unlock new opportunities across a wide range of everyday battery‑powered endpoint applications, evidenced by broad adoption of WiseEye AI across diverse applications, including notebooks, tablet, smart door locks, surveillance systems, access control, smart retail and many others.

    On notebook, building on the success with Dell notebooks, WiseEye AI is expanding into additional use cases across other leading notebook brands, with some entering production later this year and expanding further into 2026. The growing adoption is further fueled by the rise of AI PCs, as WiseEye’s ultralow power, on-device inference capabilities align seamlessly with the industry’s shift toward more intelligent, context-aware, and energy-efficient computing. WiseEye’s advanced local inferencing technology enables real-time, high-precision user engagement detection by analyzing presence and motion, supporting a broad set of intelligent features, such as head pose estimation, gaze tracking, facial expression recognition, voice command, adaptive screen dimming, secure identity authentication and many others. These features enhance interactivity and user comfort without compromising battery life or system performance, making it fit for the demands of high performance and energy efficient next-generation AI PCs.

    WiseEye also continues to achieve significant market success across various sectors such as smart door lock where Himax introduced the world’s first smart door lock with 24/7 sentry monitoring and real-time event recording. Himax is now expanding globally by collaborating with a number of leading door lock makers worldwide to integrate a suite of innovative AI features, including palm vein biometric access, parcel recognition, and anti-pinch protection. Several of these value-added solutions are slated for mass production later this year. WiseEye also powers smart retail, exemplified by Himax’s collaboration with E Ink on e‑Signage. Its always‑on AI detects viewer attributes, such as gender, appearance, and age, followed by real-time personalized ads and nearby product recommendations, creating immersive engagement that elevates the in‑store shopping experience.

    For an update on Himax’s WiseEye module business. Equipped with pre-trained no-code or low-code AI, WiseEye modules simplify AI integration and support diverse use cases, including human presence detection, gender and age recognition, gesture recognition, face mesh, voice commands, thermal image sensing, palm vein authentication, and people flow management. Among them, the Himax PalmVein module has generated strong engagement across several industries. Multiple design wins have been secured, with mass production underway by global customers for smart access, workforce management and smart door lock, as Himax continues to explore additional application opportunities. Meanwhile, to meet growing demand for flexible access control in varied settings, the upgraded WiseEye PalmVein suite now combines palm‑vein recognition and facial recognition with peephole‑camera input, underpinned by an advanced liveness check for high‑precision, multi‑modal authentication. This upgraded PalmVein module not only enhances security by offering multiple layers of biometric verification but also ensures adaptability across a wide range of environments. These attributes make it particularly appealing to global brands looking to differentiate their products with enhanced security, greater user convenience, and flexible customization. Himax  anticipates increasing sales contribution from WiseEye PalmVein across a diverse array of applications starting next year and are excited about its long-term growth potential. Looking ahead, WiseEye is poised to scale rapidly across the broader AIoT market and emerge as a key growth driver for Himax in the years ahead.

    Separately, Himax is bringing intelligent, ultralow power, always‑on AI sensing to AR glasses. Powered by real‑time, context‑aware AI running at single‑digit‑milliwatt, WiseEye uniquely delivers the two essentials for AR devices: instant responsiveness and all‑day battery life. These advantages have already led to WiseEye AI being adopted by a leading AR glasses platform, with ongoing engineering engagements involving several other prominent global AR tech names for their upcoming AR glasses. WiseEye supports always-on outward sensing, enabling AR glasses to detect and analyze the surrounding environment in real time. This empowers instant response and key functionality such as object recognition, navigation assistance, translation, and environmental mapping, greatly enhancing the overall AR experience. WiseEye also enables precise inward sensing, detecting subtle eye movements, gaze direction, pupil size, and blinking, providing critical data for more intuitive and natural user interactions in AR applications.

    Wafer Level Optics (WLO)

    In June 2024, Himax, in partnership with FOCI, a world leader in silicon photonics connectors, unveiled a state-of-the-art silicon photonics packaging technology, a critical technology to enable co-packaged optics (CPO) technology. This innovation of CPO integrates silicon photonic chips and optical connectors within multi-chip modules (MCM), replacing traditional metal wire transmission with high-speed optical communication. The technology significantly enhances bandwidth, boosts data transmission rates, reduces signal loss and latency, lowers power consumption, and significantly minimizes the size and cost of MCM.

    Currently, sample shipments of Company’s first-generation silicon photonics packaging solution for engineering validation and trial production are proceeding as planned, with volumes set to increase in the coming quarters. In addition, Himax continues to advance its technology roadmap in close collaboration with FOCI, top-tier AI companies, and foundry partner through the joint development of future-generation CPO solutions to meet the escalating bandwidth requirements driven by AI and HPC applications.

    Himax is pleased to see its partner, FOCI, achieving significant advancements in silicon photonics packaging, with notable improvements in automated production and testing. Together, Himax and FOCI are actively progressing in process validation and yield optimization to enable full-scale production for leading AI customers. Himax is exceptionally positioned to capitalize on future growth opportunities in high-performance computing, AI inference, and data center markets.

    Alongside the CPO progress, certain global technology leaders are now engaging Himax’s WLO expertise to develop next‑generation waveguides for AR glasses, a testament to the market’s growing confidence in Company’s WLO technology.

    With strong growth opportunities from CPO and AR glasses in the making, Himax is as optimistic as ever that its WLO business can emerge as a significant revenue and profit engine in the years ahead.

    LCoS

    On Himax’s latest advancement in LCoS microdisplay technology. At Display Week 2025 next week in San Jose, Himax will debut its ultra-luminous, miniature Dual-Edge Front-lit LCoS microdisplay. This industry-leading solution integrates both the illumination optics and LCoS panel into an exceptionally compact form factor, as small as 0.09 c.c., and weighing only 0.2 grams, while targeting up to 350,000 nits brightness and 1 lumen output at just 250mW maximum total power consumption, demonstrating unparalleled optical efficiency. The luminance breakthrough ensures excellent eye-level visibility even in bright ambient conditions, while its compact form factor enables the development of sleek, everyday AR glasses. With industry-leading compact form factor, superior brightness and power efficiency, it is ideally suited for next-generation AR glasses and head-mounted displays where space, weight, and thermal constraints are critical. Growing collaborations with leading global tech companies are underway. Himax is confident that its technological advancements will help revitalize the AR glasses market, drive its expansion, and unlock new possibilities for immersive visual experiences.

    Second Quarter 2025 Guidance  
    Net Revenue: Decline 5.0% to Increase 3.0% QoQ
    Gross Margin: Around 31.0%, depending on final product mix
    Profit: 8.5 cents to 11.5 cents per diluted ADS
       

     

    HIMAX TECHNOLOGIES FIRST QUARTER 2025 EARNINGS CONFERENCE CALL 
    DATE: Thursday, May 8, 2025
    TIME: U.S.       8:00 a.m. EDT
      Taiwan  8:00 p.m.
       
    Live Webcast (Video and Audio): http://www.zucast.com/webcast/tUOBrqcV
    Toll Free Dial-in Number (Audio Only): Hong Kong 2112-1444
      Taiwan 0080-119-6666
      Australia 1-800-015-763
      Canada 1-877-252-8508
      China (1) 4008-423-888
      China (2) 4006-786-286
      Singapore 800-492-2072
      UK 0800-068-8186
      United States (1) 1-800-811-0860
      United States (2) 1-866-212-5567
    Dial-in Number (Audio Only):  
      Taiwan Domestic Access 02-3396-1191
      International Access +886-2-3396-1191
    Participant PIN Code: 3300508 #  

    If you choose to attend the call by dialing in via phone, please enter the Participant PIN Code 3300508 # after the call is connected. A replay of the webcast will be available beginning two hours after the call on www.himax.com.tw. This webcast can be accessed by clicking on this link or Himax’s website, where it will remain available until May 8, 2026.

    About Himax Technologies, Inc.
    Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEyeTM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,603 patents granted and 389 patents pending approval worldwide as of March 31, 2025.

    http://www.himax.com.tw

    Forward Looking Statements
    Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.

    Company Contacts:
      
    Karen Tiao, Head of IR/PR
    Himax Technologies, Inc.
    Tel: +886-2-2370-3999
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Mark Schwalenberg, Director
    Investor Relations – US Representative
    MZ North America
    Tel: +1-312-261-6430
    Email: HIMX@mzgroup.us
    www.mzgroup.us

    -Financial Tables-

    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Profit or Loss
    (These interim financials do not fully comply with IFRS because they omit all interim disclosure required by IFRS)
    (Amounts in Thousands of U.S. Dollars, Except Share and Per Share Data)
     
      Three Months
    Ended March 31,    		   3 Months
    Ended
    December 31,
       2025    2024   2024
               
    Revenues          
    Revenues from third parties, net $ 215,095     $         207,544     $ 237,182  
    Revenues from related parties, net           38               6               41  
                215,133               207,550               237,223  
               
    Costs and expenses:          
    Cost of revenues           149,581               146,805               164,963  
    Research and development           34,987               39,664               37,584  
    General and administrative           5,557               5,890               5,711  
    Sales and marketing           5,202               5,162               5,886  
    Total costs and expenses           195,327               197,521               214,144  
               
    Operating income           19,806               10,029               23,079  
               
    Non operating income (loss):          
    Interest income           2,312               2,524               2,042  
    Changes in fair value of financial assets at fair value through profit or loss           (17 )             (7 )             1,245  
    Foreign currency exchange gains, net           345               941               690  
    Finance costs           (903 )             (1,018 )             (964 )
    Share of losses of associates           (742 )             (221 )             (360 )
    Other gains           3,205               –               –  
    Other income           17               29               60  
                4,217               2,248               2,713  
    Profit before income taxes           24,023               12,277               25,792  
    Income tax expense           3,841               –               761  
    Profit for the period           20,182               12,277               25,031  
    Loss (profit) attributable to noncontrolling interests           (195 )             221               (423 )
    Profit attributable to Himax Technologies, Inc. stockholders $         19,987     $         12,498     $         24,608  
               
    Basic earnings per ADS attributable to Himax Technologies, Inc. stockholders $         0.114     $         0.072     $         0.141  
    Diluted earnings per ADS attributable to Himax Technologies, Inc. stockholders $         0.114     $         0.071     $         0.140  
               
    Basic Weighted Average Outstanding ADS           174,913               174,724               175,008  
    Diluted Weighted Average Outstanding ADS           175,072               175,026               175,146  
                           
    Himax Technologies, Inc.
    IFRS Unaudited Condensed Consolidated Statements of Financial Position
    (Amounts in Thousands of U.S. Dollars)
     
      March 31,
    2025    		   March 31,
    2024    		   December 31,
    2024
    Assets          
    Current assets:          
    Cash and cash equivalents $         275,445     $         261,702     $         218,148  
    Financial assets at amortized cost           2,286               14,334               4,286  
    Financial assets at fair value through profit or loss           3,253               1,380               2,140  
    Accounts receivable, net (including related parties)           217,549               212,326               236,813  
    Inventories           129,867               201,872               158,746  
    Income taxes receivable           717               1,003               726  
    Restricted deposit           503,700               453,000               503,700  
    Other receivable from related parties           11               136               13  
    Other current assets           37,760               60,051               43,471  
    Total current assets           1,170,588               1,205,804               1,168,043  
    Financial assets at fair value through profit or loss           23,524               21,635               23,554  
    Financial assets at fair value through other
    comprehensive income    		           29,985               1,889               28,226  
    Equity method investments           8,061               3,173               8,571  
    Property, plant and equipment, net           120,538               128,938               121,280  
    Deferred tax assets           20,872               10,440               21,193  
    Goodwill           28,138               28,138               28,138  
    Other intangible assets, net           619               851               636  
    Restricted deposit           30               31               31  
    Refundable deposits           215,271               221,886               221,824  
    Other non-current assets           17,854               20,728               18,025  
                464,892               437,709               471,478  
    Total assets $         1,635,480     $ 1,643,513     $         1,639,521  
    Liabilities and Equity          
    Current liabilities:          
    Short-term unsecured borrowings $         602     $         –     $         –  
    Current portion of long-term unsecured borrowings           6,000               6,000               6,000  
    Short-term secured borrowings           503,700               453,000               503,700  
    Accounts payable (including related parties)           105,610               117,234               113,203  
    Income taxes payable           12,785               11,071               9,514  
    Other payable to related parties           –               92               –  
    Contract liabilities-current           5,176               14,739               10,622  
    Other current liabilities           50,443               116,558               63,595  
    Total current liabilities           684,316               718,694               706,634  
    Long-term unsecured borrowings           27,000               33,000               28,500  
    Deferred tax liabilities           557               499               564  
    Other non-current liabilities           7,489               14,823               7,496  
                35,046               48,322               36,560  
    Total liabilities           719,362               767,016               743,194  
    Equity          
    Ordinary shares           107,010               107,010               107,010  
    Additional paid-in capital           115,722               114,982               115,376  
    Treasury shares           (5,546 )             (5,157 )             (5,546 )
    Accumulated other comprehensive income           7,874               (94 )             8,621  
    Retained earnings           684,587               653,007               664,600  
    Equity attributable to owners of Himax Technologies, Inc.           909,647               869,748               890,061  
    Noncontrolling interests           6,471               6,749               6,266  
    Total equity           916,118               876,497               896,327  
    Total liabilities and equity $         1,635,480     $ 1,643,513     $         1,639,521  
                           
    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Cash Flows
    (Amounts in Thousands of U.S. Dollars)
        Three Months
    Ended March 31,    		   Three Months Ended
    December 31,
         2025     2024     2024
                 
    Cash flows from operating activities:            
    Profit for the period   $         20,182     $         12,277     $         25,031  
    Adjustments for:            
    Depreciation and amortization             5,156               5,471               5,564  
    Share-based compensation expenses             100               358               103  
    Losses (gains) on disposals of property, plant and equipment, net             (3,205 )             –               4  
    Changes in fair value of financial assets at fair value through profit or loss             17               7               (1,245 )
    Interest income             (2,312 )             (2,524 )             (2,042 )
    Finance costs             903               1,018               964  
    Income tax expense             3,841               –               761  
    Share of losses of associates             742               221               360  
    Inventories write downs             4,444               4,353               4,037  
    Unrealized foreign currency exchange losses (gains)             441               (868 )             (159 )
                  30,309               20,313               33,378  
    Changes in:            
    Accounts receivable (including related parties)             13,083               15,704               (27,302 )
    Inventories             24,435               11,083               29,675  
    Other receivable from related parties             2               (67 )             9  
    Other current assets             (978 )             2,298               2,502  
    Accounts payable (including related parties)             (7,250 )             13,202               (7,706 )
    Other payable to related parties             –               (20 )             1  
    Contract liabilities             735               1,192               6  
    Other current liabilities             (3,763 )             (7,780 )             2,508  
    Other non-current liabilities             71               514               71  
    Cash generated from operating activities             56,644               56,439               33,142  
    Interest received             438               854               3,513  
    Interest paid             (835 )             (936 )             (1,047 )
    Income tax paid             (200 )             391               (191 )
    Net cash provided by operating activities             56,047               56,748               35,417  
                 
    Cash flows from investing activities:            
    Acquisitions of property, plant and equipment             (5,221 )             (2,699 )             (3,222 )
    Acquisitions of intangible assets             (52 )             (118 )             –  
    Acquisitions of financial assets at amortized cost             –               (2,439 )             (2,286 )
    Proceeds from disposal of financial assets at amortized cost             2,000               500               10,289  
    Acquisitions of financial assets at fair value through profit or loss             (6,160 )             (7,488 )             (6,807 )
    Proceeds from disposal of financial assets at fair value through profit or loss             5,017               8,163               3,722  
    Acquisitions of financial assets at fair value through other comprehensive income             (2,500 )             –               –  
    Acquisition of a subsidiary, net of cash paid             –               –               (5,416 )
    Proceeds from capital reduction of investment             –               –               338  
    Acquisitions of equity method investment             –               –               (1,236 )
    Decrease (increase) in refundable deposits             10,283               22,217               (8 )
    Net cash provided by (used in) investing activities             3,367               18,136               (4,626 )
                 
    Cash flows from financing activities:            
    Purchase of treasury shares             –               –               (832 )
    Prepayments for purchase of treasury shares             –               –               (2,168 )
    Proceeds from issuance of new shares by subsidiaries             –               71               –  
    Proceeds from short-term unsecured borrowings             612               –               –  
    Repayments of long-term unsecured borrowings             (1,500 )             (1,500 )             (1,500 )
    Proceeds from short-term secured borrowings             484,300               447,100               461,400  
    Repayments of short-term secured borrowings             (484,300 )             (447,100 )             (461,400 )
    Payment of lease liabilities             (1,448 )             (1,148 )             (1,340 )
    Guarantee deposits received (refunded)             –               (1,868 )             219  
    Net cash used in financing activities             (2,336 )             (4,445 )             (5,621 )
    Effect of foreign currency exchange rate changes on cash and cash equivalents             219               (486 )             (1,161 )
    Net increase in cash and cash equivalents             57,297               69,953               24,009  
    Cash and cash equivalents at beginning of period             218,148               191,749               194,139  
    Cash and cash equivalents at end of period   $         275,445     $         261,702     $         218,148  
                 

    The MIL Network –

  • MIL-OSI: Brookfield Corporation Reports 27% Increase in Distributable Earnings to $1.5 Billion

    Source: GlobeNewswire (MIL-OSI)

    $850 million of Shares Repurchased to Date in 2025

    Deployable Capital Increases to a Record $165 billion

    BROOKFIELD, Nnews, May 08, 2025 (GLOBE NEWSWIRE) — Brookfield Corporation (NYSE: BN, TSX: BN) announced strong financial results for the quarter ended March 31, 2025.

    Nick Goodman, President of Brookfield Corporation, said, “Our business performed well in the first quarter, with earnings 30% higher than the prior year, supported by continued momentum across our core operations. Our asset management business had strong inflows of $25 billion during the first quarter, our operating businesses continued to generate resilient cash flows, and our wealth solutions business delivered robust growth.”

    He added, “In spite of increased market volatility, the outlook for our business continues to be strong and our focus remains unchanged; to deliver 15%+ returns to our shareholders over the long-term. We continue to reinvest our excess cash flows to further compound capital and with the recent volatility, we have accelerated share repurchases, buying back $850 million of shares so far this year.”

    Operating Results

    Distributable earnings (“DE”) before realizations increased by 30% over the prior year quarter.

    Unaudited
    For the periods ended March 31
    (US$ millions, except per share amounts)    		 Three Months Ended   Last Twelve Months Ended
      2025     2024     2025     2024
    Net income of consolidated business1 $ 215   $ 519   $ 1,549   $ 5,200
    Net income attributable to Brookfield shareholders2 $ 73     102   $ 612     1,112
                   
    Distributable earnings before realizations3   1,301     1,001     5,171     4,279
    –  Per Brookfield share3   0.82     0.63     3.26     2.70
                   
    Distributable earnings3   1,549     1,216     6,607     4,865
    –  Per Brookfield share3   0.98     0.77     4.17     3.07

    See endnotes on page 8.

    Total consolidated net income was $215 million for the quarter and $1.5 billion for the last twelve months (“LTM”). Distributable earnings before realizations were $1.3 billion ($0.82/share) for the quarter and $5.2 billion ($3.26/share) for the last twelve months.

    Our asset management business generated a 26% increase in fee-related earnings compared to the prior year quarter. This growth was attributed to robust fundraising momentum primarily driven by our complementary strategies and the final closes of two flagship funds.

    Wealth solutions delivered another strong quarter of financial performance, benefiting from strong investment performance and continued growth of our insurance asset base.

    Our operating businesses continue to deliver resilient and stable cash flows, underpinned by strong operating earnings across our renewable power and transition, infrastructure, and private equity businesses and 3% growth in same-store net operating income (“NOI”) from our core real estate portfolio.

    During the quarter and for the LTM, earnings from realizations were $248 million and $1.4 billion, with total DE for the quarter and for the LTM of $1.5 billion ($0.98/share) and $6.6 billion ($4.17/share), respectively.

    Regular Dividend Declaration

    The Board declared a quarterly dividend for Brookfield Corporation of $0.09 per share, payable on June 30, 2025 to shareholders of record as at the close of business on June 13, 2025. The Board also declared the regular monthly and quarterly dividends on our preferred shares.

    Operating Highlights

    Distributable earnings before realizations were $1.3 billion ($0.82/share) for the quarter and $5.2 billion ($3.26/share) over the last twelve months, representing an increase of 30% on a per share basis over the prior year quarter. Total distributable earnings were $1.5 billion ($0.98/share) for the quarter and $6.6 billion ($4.17/share) over the last twelve months.

    Asset Management:

    • DE was $684 million ($0.43/share) in the quarter and $2.7 billion ($1.71/share) over the LTM.
    • Fee-related earnings were a record $698 million, representing growth of 26% compared to the prior year quarter. This was driven by a 20% increase in fee-bearing capital over the LTM to $549 billion. Total inflows were $25 billion in the quarter.
    • We closed our flagship opportunistic credit fund strategy at $16 billion and finalized the institutional close for our fifth vintage opportunistic real estate strategy, bringing total capital raised to approximately $16 billion – with the final close-out of clients in wealth and regional sleeves expected over the balance of the year, we are set to have by far our largest pool of capital for opportunistic real estate to date.
    • Subsequent to the quarter end, we announced the acquisition of a majority stake in Angel Oak, a leading origination platform and asset manager with over $18 billion of assets under management.

    Wealth Solutions:

    • DE was $430 million ($0.27/share) in the quarter and $1.5 billion ($0.95/share) over the LTM.
    • We originated $4 billion of retail and institutional annuity sales during the quarter, increasing insurance assets to $133 billion at quarter end.
    • The business maintains a strong financial position, with statutory capital growing to over $16 billion.
    • We continue to gradually rotate the investment portfolio, rotating over $8 billion of American Equity Life’s portfolio to date, contributing to an average investment portfolio yield of 5.7%, which is 1.8% higher than the average cost of funds, and we maintain a 15% return on our $11.5 billion invested capital.
    • Through our combined wealth solutions platforms, we are raising close to $2 billion of retail capital per month, inclusive of over $650 million from our private wealth channel.

    Operating Businesses:

    • DE was $426 million ($0.27/share) in the quarter and $1.7 billion ($1.08/share) over the LTM.
    • Cash distributions from our operating businesses are underpinned by strong operating earnings. Our core real estate portfolio continues to grow its same-store NOI, delivering a 3% increase over the prior year quarter.
    • In our real estate business, we signed nearly 9 million square feet of office and retail leases during the quarter, including 2.3 million square feet of office leases in the U.S.
    • In our North American residential business, we generated approximately $640 million of proceeds from the sale of master plan communities as we shift the business to a more capital-light model.

    Earnings from the monetization of mature assets were $248 million ($0.16/share) for the quarter and $1.4 billion ($0.91/share) over the LTM.

    • During the quarter, we successfully closed approximately $22 billion of asset sales across the business. Substantially all sales were completed at prices in line or above our carrying values.
    • Total accumulated unrealized carried interest was $11.6 billion at quarter end, representing an increase of 14% compared to the prior year, net of $409 million carried interest realized into income over the LTM.
    • As we execute on our monetization pipeline, we expect to realize much of this into income over the next five years.

    We ended the quarter with a record $165 billion of capital available to deploy into new investments.

    • We have deployable capital of $165 billion, which includes $69 billion of cash, financial assets and undrawn credit lines at the Corporation, our affiliates and our wealth solutions business.
    • Our balance sheet remains conservatively capitalized. Our corporate debt at the Corporation has a weighted-average term of 15 years, and today, we have no maturities through the end of 2025.
    • We maintained strong access to the capital markets and executed on over $30 billion of financings, including issuing $500 million of 30-year senior unsecured notes at the Corporation, achieving our tightest 30-year spread to date.
    • To date this year, we have completed $850 million of share repurchases at prices significantly lower than our intrinsic value, adding value to each remaining share.

    CONSOLIDATED BALANCE SHEETS

    Unaudited
    (US$ millions)    		     March 31     December 31
        2025       2024
    Assets        
    Cash and cash equivalents   $ 12,437   $ 15,051
    Other financial assets     29,996     25,887
    Accounts receivable and other     44,070     40,509
    Inventory     8,706     8,458
    Equity accounted investments     69,405     68,310
    Investment properties     95,960     103,665
    Property, plant and equipment     152,908     153,019
    Intangible assets     37,219     36,072
    Goodwill     37,024     35,730
    Deferred income tax assets     3,852     3,723
    Total Assets   $ 491,577   $ 490,424
             
    Liabilities and Equity        
    Corporate borrowings   $ 14,607   $ 14,232
    Accounts payable and other     58,795     60,223
    Non-recourse borrowings     231,257     220,560
    Subsidiary equity obligations     3,354     4,759
    Deferred income tax liabilities     24,634     25,267
             
    Equity        
    Non-controlling interests in net assets $ 113,667   $ 119,406  
    Preferred equity   4,103     4,103  
    Common equity   41,160   158,930   41,874   165,383
    Total Equity     158,930     165,383
    Total Liabilities and Equity   $ 491,577   $ 490,424

    CONSOLIDATED STATEMENTS OF OPERATIONS

    Unaudited
    For the periods ended March 31
    (US$ millions, except per share amounts)    		 Three Months Ended
      2025       2024  
    Revenues $ 17,944     $ 22,907  
    Direct costs1   (10,995 )     (16,571 )
    Other income and gains   588       240  
    Equity accounted income   519       686  
    Interest expense      
    – Corporate borrowings   (179 )     (173 )
    – Non-recourse borrowings      
    Same-store   (3,916 )     (3,955 )
    Dispositions, net of acquisitions2   188       —  
    Upfinancings2   (254 )     —  
    Corporate costs   (18 )     (17 )
    Fair value changes   (824 )     158  
    Depreciation and amortization   (2,455 )     (2,475 )
    Income tax   (383 )     (281 )
    Net income   215       519  
    Net income attributable to non-controlling interests   (142 )     (417 )
    Net income attributable to Brookfield shareholders $ 73     $ 102  
           
    Net income per share      
    Diluted $ 0.02     $ 0.04  
    Basic   0.02       0.04  

    1.    Direct costs disclosed above exclude depreciation and amortization expense.
    2.    Interest expense from dispositions, net of acquisitions, and upfinancings completed over the twelve months ended March 31, 2025.


    SUMMARIZED FINANCIAL RESULTS

    DISTRIBUTABLE EARNINGS

    Unaudited
    For the periods ended March 31
    (US$ millions)    		 Three Months Ended   Last Twelve Months Ended
      2025       2024       2025       2024  
    Asset management $ 684     $ 621     $ 2,708     $ 2,508  
                   
    Wealth solutions   430       273       1,507       868  
                   
    BEP   113       107       434       419  
    BIP   89       84       341       323  
    BBU   6       9       32       36  
    BPG   215       166       904       759  
    Other   3       (29 )     4       (37 )
    Operating businesses   426       337       1,715       1,500  
                   
    Corporate costs and other   (239 )     (230 )     (759 )     (597 )
    Distributable earnings before realizations1   1,301       1,001       5,171       4,279  
    Realized carried interest, net   189       183       409       547  
    Disposition gains from principal investments   59       32       1,027       39  
    Distributable earnings1 $ 1,549     $ 1,216     $ 6,607     $ 4,865  

    1.    Non-IFRS measure – see Non-IFRS and Performance Measures section on page 8.


    RECONCILIATION OF NET INCOME TO DISTRIBUTABLE EARNINGS

    Unaudited
    For the periods ended March 31
    (US$ millions)    		 Three Months Ended   Last Twelve Months Ended
      2025       2024       2025       2024  
    Net income $ 215     $ 519     $ 1,549     $ 5,200  
    Financial statement components not included in DE:              
    Equity accounted fair value changes and other items   952       629       3,002       2,727  
    Fair value changes and other   869       (9 )     3,530       1,981  
    Depreciation and amortization   2,455       2,475       9,717       9,362  
    Disposition gains in net income   (402 )     (35 )     (1,601 )     (6,071 )
    Deferred income taxes   (159 )     (44 )     (456 )     (849 )
    Non-controlling interests in the above items1   (2,639 )     (2,525 )     (10,684 )     (8,192 )
    Less: realized carried interest, net   (189 )     (183 )     (409 )     (547 )
    Working capital, net   199       174       523       668  
    Distributable earnings before realizations2   1,301       1,001       5,171       4,279  
    Realized carried interest, net3   189       183       409       547  
    Disposition gains from principal investments   59       32       1,027       39  
    Distributable earnings2 $ 1,549     $ 1,216     $ 6,607     $ 4,865  

    1.    DE is a non-IFRS measure proportionate to the interests of shareholders and therefore excludes items in income attributable to non-controlling interests in non-wholly owned subsidiaries.
    2.    Non-IFRS measure – see Non-IFRS and Performance Measures section on page 8.
    3.    Includes our share of Oaktree’s distributable earnings attributable to realized carried interest.


    EARNINGS PER SHARE

    Unaudited
    For the periods ended March 31
    (millions, except per share amounts)    		 Three Months Ended   Last Twelve Months Ended
      2025       2024       2025       2024  
    Net income $ 215     $ 519     $ 1,549     $ 5,200  
    Non-controlling interests   (142 )     (417 )     (937 )     (4,088 )
    Net income attributable to shareholders   73       102       612       1,112  
    Preferred share dividends1   (40 )     (42 )     (166 )     (167 )
    Net income available to common shareholders   33       60       446       945  
    Dilutive impact of exchangeable shares of affiliate   —       —       12       7  
    Net income available to common shareholders including dilutive impact of exchangeable shares $ 33     $ 60     $ 458     $ 952  
                   
    Weighted average shares   1,504.0       1,518.8       1,507.5       1,545.4  
    Dilutive effect of conversion of options and escrowed shares using treasury stock method2 and exchangeable shares of affiliate3   39.5       24.8       76.3       39.5  
    Shares and share equivalents   1,543.5       1,543.6       1,583.8       1,584.9  
                   
    Diluted earnings per share $ 0.02     $ 0.04     $ 0.29     $ 0.60  

    1.    Excludes dividends paid on perpetual subordinated notes of $3 million (2024 – $3 million) and $10 million (2024 – $10 million) for the three and twelve months ended March 31, 2025, which are recognized within net income attributable to non-controlling interests.
    2.    Includes management share option plan and escrowed stock plan.
    3.    Per share amounts are inclusive of the dilutive effect of mandatorily redeemable preferred shares held in a consolidated subsidiary. Due to its anti-dilutive effect on EPS for the three months ended March 31, 2025, the exchange of BWS Class A shares has been excluded from the diluted EPS calculation.


    Additional Information

    The Letter to Shareholders and the company’s Supplemental Information for the three and twelve months ended March 31, 2025, contain further information on the company’s strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available on the company’s website.

    The statements contained herein are based primarily on information that has been extracted from our financial statements for the periods ended March 31, 2025, which have been prepared using IFRS Accounting Standards, as issued by the International Accounting Standards Board (“IASB”). The amounts have not been audited by Brookfield Corporation’s external auditor.

    Brookfield Corporation’s Board of Directors has reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.

    Information on our dividends can be found on our website under Stock & Distributions/Distribution History.

    Quarterly Earnings Call Details

    Investors, analysts and other interested parties can access Brookfield Corporation’s 2025 First Quarter Results as well as the Shareholders’ Letter and Supplemental Information on Brookfield Corporation’s website under the Reports & Filings section at www.bn.brookfield.com.

    To participate in the Conference Call today at 10:00 a.m. ET, please pre-register at https://register-conf.media-server.com/register/BI8ec76857c24d465f8738d2aa3d9d69f7. Upon registering, you will be emailed a dial-in number, and unique PIN. The Conference Call will also be webcast live at https://edge.media-server.com/mmc/p/wq9u3hrd. For those unable to participate in the Conference Call, the telephone replay will be archived and available until May 8, 2026. To access this rebroadcast, please visit: https://edge.media-server.com/mmc/p/wq9u3hrd. 

    About Brookfield Corporation

    Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power, infrastructure, business and industrial services, and real estate.

    We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

    Please note that Brookfield Corporation’s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR+ and can also be found in the investor section of its website at www.brookfield.com. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

    For more information, please visit our website at www.bn.brookfield.com or contact:

    Media:
    Kerrie McHugh
    Tel: (212) 618-3469
    Email: kerrie.mchugh@brookfield.com    		   Investor Relations:
    Katie Battaglia
    Tel: (416) 359-8544
    Email: katie.battaglia@brookfield.com


    Non-IFRS and Performance Measures

    This news release and accompanying financial information are based on IFRS Accounting Standards, as issued by the IASB, unless otherwise noted.

    We make reference to Distributable Earnings (“DE”). We define DE as the sum of distributable earnings from our asset management business, distributable operating earnings from our wealth solutions business, distributions received from our ownership of investments, realized carried interest and disposition gains from principal investments, net of earnings from our Corporate Activities, preferred share dividends and equity-based compensation costs. We also make reference to DE before realizations, which refers to DE before realized carried interest and realized disposition gains from principal investments. We believe these measures provide insight into earnings received by the company that are available for distribution to common shareholders or to be reinvested into the business.

    Realized carried interest and realized disposition gains are further described below:

    • Realized Carried Interest represents our contractual share of investment gains generated within a private fund after achieving our clients’ minimum return requirements. Realized carried interest is determined on third-party capital that is no longer subject to future investment performance.
    • Realized Disposition Gains from Principal Investments are included in DE because we consider the purchase and sale of assets from our directly held investments to be a normal part of the company’s business. Realized disposition gains include gains and losses recorded in net income and equity in the current period, and are adjusted to include fair value changes and revaluation surplus balances recorded in prior periods which were not included in prior period DE.

    We use DE to assess our operating results and the value of Brookfield Corporation’s business and believe that many shareholders and analysts also find this measure of value to them.

    We may make reference to Operating Funds from Operations (“Operating FFO”). We define Operating FFO as the company’s share of revenues less direct costs and interest expenses; excludes realized carried interest and disposition gains, fair value changes, depreciation and amortization and deferred income taxes; and includes our proportionate share of FFO from operating activities recorded by equity accounted investments on a fully diluted basis.

    We may make reference to Net Operating Income (“NOI”), which refers to our share of the revenues from our operations less direct expenses before the impact of depreciation and amortization within our real estate business. We present this measure as we believe it is a key indicator of our ability to impact the operating performance of our properties. As NOI excludes non-recurring items and depreciation and amortization of real estate assets, it provides a performance measure that, when compared to prior periods, reflects the impact of operations from trends in occupancy rates and rental rates.

    We disclose a number of financial measures in this news release that are calculated and presented using methodologies other than in accordance with IFRS. These financial measures, which include DE, should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, similar financial measures calculated in accordance with IFRS. We caution readers that these non-IFRS financial measures or other financial metrics are not standardized under IFRS and may differ from the financial measures or other financial metrics disclosed by other businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities.

    We provide additional information on key terms and non-IFRS measures in our filings available at www.bn.brookfield.com.

    End Notes  

    1.    Consolidated basis – includes amounts attributable to non-controlling interests.
    2.    Excludes amounts attributable to non-controlling interests.
    3.    See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-IFRS and Performance Measures section on page 8.


    Notice to Readers

    Brookfield Corporation is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

    This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward- looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Corporation and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and which in turn are based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield Corporation are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect,” “anticipate,” “believe,” “foresee,” “could,” “estimate,” “goal,” “intend,” “plan,” “seek,” “strive,” “will,” “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to the impact of current market or economic conditions on our business, the future state of the economy or the securities market, the anticipated allocation and deployment of our capital, our fundraising targets, and our target growth objectives.

    Although Brookfield Corporation believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, such as earthquakes, hurricanes and epidemics/pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments including asset management, wealth solutions, renewable power and transition, infrastructure, private equity, real estate and corporate activities; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect future results. Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release or such other date specified herein. Except as required by law, Brookfield Corporation undertakes no obligation to publicly update or revise any forward- looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.

    Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of appropriate opportunities or otherwise).

    Target returns and growth objectives set forth in this news release are for illustrative and informational purposes only and have been presented based on various assumptions made by Brookfield Corporation in relation to the investment strategies being pursued, any of which may prove to be incorrect. There can be no assurance that targeted returns or growth objectives will be achieved. Due to various risks, uncertainties and changes (including changes in economic, operational, political or other circumstances) beyond Brookfield Corporation’s control, the actual performance of the business could differ materially from the target returns and growth objectives set forth herein. In addition, industry experts may disagree with the assumptions used in presenting the target returns and growth objectives. No assurance, representation or warranty is made by any person that the target returns or growth objectives will be achieved, and undue reliance should not be put on them.

    When we speak about our wealth solutions business or Brookfield Wealth Solutions, we are referring to Brookfield’s investments in this business that supported the acquisitions of its underlying operating subsidiaries.

    The MIL Network –

  • MIL-OSI: Bridge Specialty Group acquires the assets of Tim Parkman, Inc.

    Source: GlobeNewswire (MIL-OSI)

    DAYTONA BEACH, Fla., May 08, 2025 (GLOBE NEWSWIRE) — J. Scott Penny, chief acquisitions officer of Brown & Brown, Inc. (NYSE:BRO), and Timothy Parkman, owner of Tim Parkman, Inc. (“TPI”), today announced that a Bridge Specialty Group company and subsidiary of Brown & Brown, Inc. has acquired the assets of TPI.

    Established in 2002, TPI is a full-service wholesale insurance brokerage located in Clinton, Mississippi. TPI was founded with a mission to provide all customers with consistently superior service while sustaining positive underwriting results. Initially focused on personal lines, TPI has expanded into commercial lines and leverages its proprietary state-of-the-art technology platform to deliver premier service to its network of over 5,000 retail agents. TPI will continue to operate from Clinton, Mississippi, under the leadership of President Mike Leach. Tim Parkman will continue with the business, providing oversight and support. Mike Leach will report to Jason Haupt, regional president of Bridge Specialty Group’s Mid-Atlantic and Delta region.

    Steve Boyd, president of Bridge Specialty Group, stated, “We are excited to welcome the TPI team to Bridge Specialty Group. TPI’s specialized product suite and broad distribution footprint in Mississippi and the Gulf States are a great complement to Bridge Specialty Group’s offerings today.”

    Tim Parkman said, “TPI has always been about people — our agents, carriers and team members. With Bridge Specialty, we’re joining an organization that shares our vision and brings added resources to help us achieve even more together. We’re incredibly excited for what lies ahead.”

    About Bridge Specialty Group, LLC

    Bridge Specialty Group is a leading global insurance wholesaler with access to over 230 admitted, excess and surplus lines and Lloyd’s markets that support over $7 billion premium book. With more than 50 locations and 2,000 teammates throughout the United States, United Kingdom, Europe and Asia, Bridge Specialty Group holds market recognition that enables us to connect retail partners with tailored insurance solutions through our specific practice groups, including property, casualty, executive risk, personal lines, public entity,
    transportation, workers’ compensation, Farm and Ranch and Environmental.

    About Brown & Brown, Inc.

    Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm providing enhanced customer-centric risk management solutions since 1939. With a global presence spanning 500+ locations and a team of more than 17,000 professionals, we are dedicated to delivering scalable, innovative strategies for our customers at every step of their growth journey. Learn more at BBrown.com.

    This press release may contain certain statements relating to future results, which are forward-looking statements, including those associated with this acquisition. These statements are not historical facts but instead represent only Brown & Brown’s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown’s control. It is possible that Brown & Brown’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown’s financial results and condition, as well as its other achievements, is contained in Brown & Brown’s filings with the Securities and Exchange Commission. Such factors include those factors relevant to Brown & Brown’s consummation and integration of the announced acquisition, including any matters analyzed in the due diligence process and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.

    For more information:

    R. Andrew Watts
    Chief financial officer
    (386) 239-5770

    The MIL Network –

  • MIL-OSI: AMG and Qualitas Energy Announce Partnership

    Source: GlobeNewswire (MIL-OSI)

    • AMG to invest in Qualitas Energy, a leading renewables-focused global infrastructure manager specializing in energy transition with more than €3.5 billion in AUM
    • Qualitas Energy has a distinctive competitive position given its opportunistic value-add approach, vertically integrated industrial platform, and strategically tailored, market-specific solutions
    • Partnership will expand AMG’s participation in private markets and alternatives more broadly

    WEST PALM BEACH, FL, and MADRID, May 08, 2025 (GLOBE NEWSWIRE) — AMG, a strategic partner to leading independent investment management firms globally, today announced that it has entered into a definitive agreement to acquire a minority equity interest in Qualitas Energy, a leading global investment and management platform with a dual focus on funding and developing renewable energy, energy transition, and sustainable infrastructure.

    Under the terms of the agreement, Qualitas Energy’s management team will retain majority ownership and continue to lead the organization’s day-to-day operations, maintaining investment, strategic, and operational independence. As part of the transaction, Qualitas Energy’s Executive Chairman Iñigo Olaguíbel and Chief Executive Officer Oscar Pérez, along with other members of the senior management team, will enter into additional long-term commitments with Qualitas Energy, reinforcing their alignment with the business and its investors.

    Qualitas Energy has a long-term track record of excellent investment performance. Founded in 2006, the firm invests globally with a focus on Europe, where the heightened importance of energy security is driving demand for investments into renewable energy sources. Led by Mr. Olaguíbel and Mr. Pérez, the firm has raised approximately €5 billion in capital across six funds and co-investment opportunities, which has been deployed to invest in solar, wind, batteries and storage, hydroelectric power, and renewable natural gas.

    “We are pleased to partner with Qualitas Energy, a global infrastructure manager specializing in energy transition with a two-decade track record of delivering strong returns for clients,” said Jay C. Horgen, President and Chief Executive Officer of AMG. “Given the increasing focus on energy independence and security in Europe, along with the firm’s distinctive approach, vertically integrated industrial platform, and locally based teams with deep knowledge of their respective geographies, Qualitas Energy is well-positioned to build on its business momentum. I am delighted to welcome Iñigo, Oscar, and their partners to our Affiliate group.”

    “We are excited to partner with AMG as we continue to build an enduring multi-generational firm,” said Iñigo Olaguíbel, Managing Partner and Executive Chairman of Qualitas Energy. “We selected AMG because of its long-term orientation and reputation as a collaborative partner. Through AMG’s unique approach, Qualitas Energy will maintain our independence, preserve our unique culture, and gain access to a broad range of proven strategic capabilities to advance our long-term objectives.”

    “As part of its strategic evolution, Qualitas Energy is focused on becoming the asset manager at the forefront of energy transition investing,” added Oscar Pérez, Managing Partner and Chief Executive Officer of Qualitas Energy. “We aim to continue expanding our investment capacity, and our partnership with AMG will enhance our ability to achieve that goal.”

    The terms of the transaction were not disclosed. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions.

    About AMG

    AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long-term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG’s unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates’ existing advantages and actively supports their independence and ownership culture. As of March 31, 2025, AMG’s aggregate assets under management were approximately $712 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.

    About Qualitas Energy

    Qualitas Energy is a leading global investment and management platform with a dual focus on both funding and developing renewable energy, energy transition, and sustainable infrastructure. Since 2006, the Qualitas Energy team has dedicated over €14 billion to the energy transition worldwide. These investments have been deployed through six vehicles: Fotowatio/FRV, Vela Energy, Qualitas Energy III, Qualitas Energy IV, Qualitas Energy V, and Qualitas Energy Credit Fund I. Qualitas Energy’s existing portfolio currently comprises over 11 GW of operational and development-stage renewable energy assets – including solar PV, concentrated solar power (CSP), wind, energy storage, hydroelectric power, and renewable natural gas – across Spain, Germany, the United Kingdom, Italy, Poland, Chile, and the United States. Over the past five years, Qualitas Energy has generated enough energy to supply 1.2 million homes and has successfully avoided the emission of 1 million metric tons of CO2 equivalent. The Qualitas Energy team consists of approximately 540 professionals across fifteen offices in Madrid, Berlin, London, Milan, Hamburg, Wiesbaden, Trier, Cologne, Stuttgart, Warsaw, Wroclaw, Santiago, Durham, Bristol, and Edinburgh. Please visit www.qualitasenergy.com for further information.

    Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws, and could be impacted by a number of factors, including those described under the section entitled “Risk Factors” in AMG’s most recent Annual Report on Form 10-K, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. AMG undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate. From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

    Media contacts

    AMG Media & Investor Relations
    Patricia Figueroa
    (617) 747-3300
    ir@amg.com
    pr@amg.com

    Qualitas Energy
    Henar Hernández
    henar.hernandez@qenergy.com
    +34 697 11 68 72

    Headland Consultancy
    qualitas@headlandconsultancy.com
    +44 7435 546304
    +44 7311 369929

    The MIL Network –

  • MIL-OSI: AMG Reports Financial and Operating Results for the First Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    • New partnerships with Verition Fund Management and Qualitas Energy, together with Q1 investment in NorthBridge Partners, further diversify AMG’s business and broaden its participation in alternatives, in line with its growth strategy
    • Affiliate Peppertree Capital Management to be acquired, marking culmination of AMG investment and a successful outcome for all stakeholders
    • Strong net client cash inflows in alternatives of approximately $14 billion, driven by both liquid alternatives and private markets
    • Repurchased approximately $173 million in common stock in the first quarter

    WEST PALM BEACH, Fla., May 08, 2025 (GLOBE NEWSWIRE) — AMG, a strategic partner to leading independent investment management firms globally, today reported its financial and operating results for the first quarter of 2025.

    Jay C. Horgen, President and Chief Executive Officer of AMG, said:
    “In the first quarter, AMG reported Economic Earnings per share of $5.20, reflecting the ongoing evolution of our business and the positive impact of our disciplined capital allocation strategy. AMG’s focus on investing in areas of secular demand has enhanced the Company’s long-term growth prospects, and, together with our business strength and momentum, has positioned us to capitalize on the current market environment.

    “AMG’s proven ability to magnify the competitive advantages of partner-owned firms, while also preserving their independence, continues to differentiate our unique partnership model and is highly valued by prospective Affiliates. Since the beginning of the year, we have announced three new partnerships with firms managing alternative strategies. In February, we announced an investment in NorthBridge Partners, a private markets manager specializing in industrial logistics real estate assets. More recently, we announced two additional new partnerships with high-quality firms that have outstanding track records of performance across nearly two decades: Verition Fund Management, a premier global multi-strategy investment firm, and Qualitas Energy, a leading renewables-focused global infrastructure manager specializing in energy transition. These new partnerships enhance AMG’s exposure to secular growth areas and accelerate the evolution of our business profile, increasing our participation in liquid alternatives and private markets.

    “Given the diversity of our business and the quality of our Affiliates, along with our unique partnership structure, our strong capital position, and our overall financial flexibility, AMG is well-positioned to execute our strategy across all stages of a market cycle, and we are confident in our ability to create meaningful incremental shareholder value over time.”

    FINANCIAL HIGHLIGHTS     Three Months Ended  
    (in millions, except as noted and per share data)     3/31/2024   3/31/2025  
    Operating Performance Measures            
    AUM (at period end, in billions)     $ 699.4     $ 712.2    
    Average AUM (in billions)       680.0       712.1    
    Net client cash flows (in billions)       (3.7 )     (0.4 )  
    Aggregate fees       1,471.6       1,270.4    
    Financial Performance Measures            
    Net income (controlling interest)     $ 149.8     $ 72.4    
    Earnings per share (diluted)(1)       4.14       2.20    
    Supplemental Performance Measures(2)            
    Adjusted EBITDA (controlling interest)     $ 259.8     $ 228.2    
    Economic net income (controlling interest)       186.7       158.7    
    Economic earnings per share       5.37       5.20    
                         

    For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.

    Capital Management
    During the first quarter of 2025, the Company repurchased approximately $173 million in common stock. The Company also announced a first-quarter cash dividend of $0.01 per share of common stock, payable June 2, 2025 to stockholders of record as of the close of business on May 19, 2025.

    About AMG
    AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long‐term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG’s unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates’ existing advantages and actively supports their independence and ownership culture. As of March 31, 2025, AMG’s aggregate assets under management were approximately $712 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.

    Conference Call, Replay, and Presentation Information
    A conference call will be held with AMG’s management at 12:00 p.m. Eastern time today. Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.

    The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13753083. The live call and replay of the session and a presentation highlighting the Company’s performance can also be accessed via AMG’s website at https://ir.amg.com/.

    Investor and Media Relations: Patricia Figueroa
    +1 (617) 747-3300
    ir@amg.com
    pr@amg.com

    Financial Tables Follow

    ASSETS UNDER MANAGEMENT – STATEMENT OF CHANGES (in billions) 

      Alternatives   Differentiated Long-Only  
    BY STRATEGY – QUARTER TO DATE Private Markets
    		   Liquid
    Alternatives
    		     Equities
    		   Multi-Asset &
    Fixed Income
    		   Total
    		  
    AUM, December 31, 2024 $ 135.4   $ 140.7     $ 316.2   $ 115.6   $ 707.9  
    Client cash inflows and commitments   3.5     15.9       8.8     4.8     33.0  
    Client cash outflows   (0.1 )   (5.7 )     (22.5 )   (5.1 )   (33.4 )
    Net client cash flows   3.4     10.2       (13.7 )   (0.3 )   (0.4 )
    New investments   1.7     —       —     —     1.7  
    Market changes   0.4     2.4       (2.0 )   (0.3 )   0.5  
    Foreign exchange   0.3     1.5       1.7     0.2     3.7  
    Realizations and distributions (net)   (0.9 )   (0.0 )     (0.1 )   (0.1 )   (1.1 )
    Other   —     0.0       0.0     (0.1 )   (0.1 )
    AUM, March 31, 2025 $ 140.3   $ 154.8     $ 302.1   $ 115.0   $ 712.2  
                                     

    CONSOLIDATED STATEMENTS OF INCOME

      Three Months Ended
    (in millions, except per share data) 3/31/2024   3/31/2025
    Consolidated revenue $ 499.9     $ 496.6  
           
    Consolidated expenses:      
    Compensation and related expenses   240.4       230.3  
    Selling, general and administrative   91.7       94.7  
    Intangible amortization and impairments   7.3       83.3  
    Interest expense   29.9       34.1  
    Depreciation and other amortization   3.0       2.8  
    Other expenses (net)   9.0       11.7  
    Total consolidated expenses   381.3       456.9  
           
    Equity method income (net)(3)   117.5       75.3  
    Investment and other income   18.0       11.6  
    Income before income taxes   254.1       126.6  
           
    Income tax expense   55.4       27.4  
    Net income   198.7       99.2  
           
    Net income (non-controlling interests)   (48.9 )     (26.8 )
    Net income (controlling interest) $ 149.8     $ 72.4  
           
    Average shares outstanding (basic)   32.8       29.2  
    Average shares outstanding (diluted)   40.1       32.6  
           
    Earnings per share (basic) $ 4.56     $ 2.48  
    Earnings per share (diluted)(1) $ 4.14     $ 2.20  
     

    RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)

      Three Months Ended
    (in millions, except per share data) 3/31/2024   3/31/2025
    Net income (controlling interest) $ 149.8     $ 72.4  
    Intangible amortization and impairments   25.6       85.8  
    Intangible-related deferred taxes   16.3       (0.7 )
    Other economic items   (5.0 )     1.2  
    Economic net income (controlling interest) $ 186.7     $ 158.7  
           
    Average shares outstanding (adjusted diluted)   34.8       30.5  
    Economic earnings per share $ 5.37     $ 5.20  
           
    Net income (controlling interest) $ 149.8     $ 72.4  
    Interest expense   29.9       34.1  
    Income taxes   57.4       30.3  
    Intangible amortization and impairments   25.6       85.8  
    Other items   (2.9 )     5.6  
    Adjusted EBITDA (controlling interest) $ 259.8     $ 228.2  
                   

    See Notes for additional information.

    CONSOLIDATED BALANCE SHEETS

      Period Ended
    (in millions) 12/31/2024   3/31/2025
    Assets      
    Cash and cash equivalents $ 950.0     $ 816.5  
    Receivables   409.7       581.7  
    Investments   595.6       592.8  
    Goodwill   2,504.9       2,512.5  
    Acquired client relationships (net)   1,777.8       1,703.9  
    Equity method investments in Affiliates (net)   2,246.6       2,159.5  
    Fixed assets (net)   57.6       56.9  
    Other assets   288.7       290.3  
    Total assets $ 8,830.9     $ 8,714.1  
           
    Liabilities and Equity      
    Payables and accrued liabilities $ 639.1     $ 665.7  
    Debt   2,620.2       2,620.7  
    Deferred income tax liability (net)   520.5       520.5  
    Other liabilities   402.4       442.1  
    Total liabilities   4,182.2       4,249.0  
           
    Redeemable non-controlling interests   350.5       366.1  
    Equity:      
    Common stock   0.6       0.6  
    Additional paid-in capital   733.1       667.8  
    Accumulated other comprehensive loss   (163.6 )     (175.7 )
    Retained earnings   6,899.8       6,971.9  
        7,469.9       7,464.6  
    Less: treasury stock, at cost   (4,124.6 )     (4,276.4 )
    Total stockholders’ equity   3,345.3       3,188.2  
    Non-controlling interests   952.9       910.8  
    Total equity   4,298.2       4,099.0  
    Total liabilities and equity $ 8,830.9     $ 8,714.1  
                   

    Notes

    (1) Earnings per share (diluted) adjusts for the dilutive effect of the potential issuance of incremental shares of our common stock.
       
      We assume the settlement of all of our Redeemable non-controlling interests using the maximum number of shares permitted under our arrangements. The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share.
       
      We are required to apply the if-converted method to our outstanding junior convertible securities when calculating Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into our common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share.
       
      The following table provides a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share:
       

     

        Three Months Ended
      (in millions) 3/31/2024   3/31/2025
      Numerator      
      Net income (controlling interest) $ 149.8   $ 72.4  
      Income (loss) from hypothetical settlement of Redeemable non-controlling interests, net of taxes   13.0     (3.9 )
      Interest expense on junior convertible securities, net of taxes   3.4     3.4  
      Net income (controlling interest), as adjusted $ 166.2   $ 71.9  
      Denominator      
      Average shares outstanding (basic)   32.8     29.2  
      Effect of dilutive instruments:      
      Stock options and restricted stock units   2.0     1.3  
      Hypothetical issuance of shares to settle Redeemable non-controlling interests   3.6     0.4  
      Junior convertible securities   1.7     1.7  
      Average shares outstanding (diluted)   40.1     32.6  
                   
    (2) As supplemental information, we provide non-GAAP performance measures of Adjusted EBITDA (controlling interest), Economic net income (controlling interest), and Economic earnings per share. We believe that many investors use our Adjusted EBITDA (controlling interest) when comparing our financial performance to other companies in the investment management industry. Management utilizes these non-GAAP performance measures to assess our performance before our share of certain non-cash GAAP expenses primarily related to the acquisition of interests in Affiliates and to improve comparability between periods. Economic net income (controlling interest) and Economic earnings per share are used by management and our Board of Directors as our principal performance benchmarks, including as one of the measures for determining executive compensation. These non-GAAP performance measures are provided in addition to, but not as a substitute for, Net income (controlling interest), Earnings per share, or other GAAP performance measures. For additional information on our non-GAAP measures, see our most recent Annual and Quarterly Reports on Form 10-K and 10-Q, respectively, which are accessible on the SEC’s website atwww.sec.gov.
       
      Adjusted EBITDA (controlling interest) represents our performance before our share of interest expense, income and certain non-income based taxes, depreciation, amortization, impairments, gains and losses related to Affiliate Transactions, and non-cash items such as certain Affiliate equity activity, gains and losses on our contingent payment obligations, and unrealized gains and losses on seed capital, general partner commitments, and other strategic investments. Adjusted EBITDA (controlling interest) is also adjusted to include realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
       
      Under our Economic net income (controlling interest) definition, we adjust Net income (controlling interest) for our share of pre-tax intangible amortization and impairments related to intangible assets (including the portion attributable to equity method investments in Affiliates) because these expenses do not correspond to the changes in the value of these assets, which do not diminish predictably over time. We also adjust for deferred taxes attributable to intangible assets because we believe it is unlikely these accruals will be used to settle material tax obligations. Further, we adjust for gains and losses related to Affiliate Transactions, net of tax, and other economic items. Other economic items include certain Affiliate equity activity, gains and losses related to contingent payment obligations, tax windfalls and shortfalls from share-based compensation, unrealized gains and losses on seed capital, general partner commitments, and other strategic investments, and realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
       
      Economic earnings per share represents Economic net income (controlling interest) divided by the Average shares outstanding (adjusted diluted). In this calculation, we exclude the potential shares issued upon settlement of Redeemable non-controlling interests from Average shares outstanding (adjusted diluted) because we intend to settle those obligations without issuing shares, consistent with all prior Affiliate equity purchase transactions. The potential share issuance in connection with our junior convertible securities is measured using a “treasury stock” method. Under this method, only the net number of shares of common stock equal to the value of the junior convertible securities in excess of par, if any, are deemed to be outstanding. We believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources (which could be used to repurchase shares of our common stock) that occurs when these securities are converted and we are relieved of our debt obligation.
       
      The following table provides a reconciliation of Average shares outstanding (adjusted diluted):
       
        Three Months Ended
      (in millions) 3/31/2024   3/31/2025
      Average shares outstanding (diluted) 40.1     32.6  
      Hypothetical issuance of shares to settle Redeemable non-controlling interests (3.6 )   (0.4 )
      Junior convertible securities (1.7 )   (1.7 )
      Average shares outstanding (adjusted diluted) 34.8     30.5  
                 
    (3) The following table presents pre-tax equity method earnings, equity method intangible amortization and impairments, and equity method income tax, which in aggregate form Equity method income (net):
       
        Three Months Ended
      (in millions) 3/31/2024   3/31/2025
      Pre-tax equity method earnings $ 142.4     $ 99.5  
      Equity method intangible amortization and impairments   (20.8 )     (18.6 )
      Equity method income tax   (4.1 )     (5.6 )
      Equity method income (net) $ 117.5     $ 75.3  
                     

    Forward-Looking Statements and Other Matters

    Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “preliminary,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “positioned,” “prospects,” “intends,” “plans,” “estimates,” “pending investments,” “anticipates,” or the negative version of these words or other comparable words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, global trade tensions and changes in trade policies, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, uncertainties relating to closing of pending investments or transactions and potential changes in the anticipated benefits thereof, the investment performance and growth rates of our Affiliates and their ability to effectively market their investment strategies, the mix of Affiliate contributions to our earnings, and other risks, uncertainties, and assumptions, including those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors may be updated from time to time in our periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law.

    This press release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate.

    From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

    The MIL Network –

  • MIL-OSI: Leiðrétting: Lánasjóður sveitarfélaga – Útboð LSS 39 0303 og LSS151155

    Source: GlobeNewswire (MIL-OSI)

    Lánasjóður sveitarfélaga hefur ákveðið að efna til útboðs á skuldabréfaflokkunum LSS 39 0303 og LSS151155 mánudaginn 12. maí 2025. Lánasjóðurinn stefnir að því að taka tilboðum að fjárhæð 500 til 1.500 milljónir króna að nafnvirði í skuldabréfaflokknum LSS151155 og að fjárhæð 500 til 1.500 milljónir króna að nafnvirði í skuldabréfaflokknum LSS 39 0303. Lánasjóðurinn áskilur sér rétt til að hækka og lækka útboðsfjárhæð útboðsins, taka hvaða tilboði sem er eða hafna þeim öllum. Lánasjóðurinn hefur boðið aðalmiðlurum sjóðsins Arion banka, Íslandsbanka, Kviku banka, Landsbankanum og Fossum fjárfestingabanka að taka þátt í útboðinu. 

    Óskað er eftir tilboðum í samræmi við eftirfarandi lýsingu:

    Fyrirkomulag: “Hollensk” uppboðsaðferð þar sem allir tilboðsgjafar fá sömu ávöxtunarkröfu og hæst er tekið. Heimilt er að afturkalla eða breyta tilboði með sama hætti og tilboðum er skilað inn, sé það gert fyrir lok útboðsfrests.

    Tilboð: Í tilboði skal taka fram ávöxtunarkröfu án þóknunar og tilboðsfjárhæð.  

    Að öðru leyti er vísað til skilmála skuldabréfanna á heimasíðu Lánasjóðs sveitarfélaga

    Tilboð skulu berast fyrir kl. 16:00, mánudaginn 12. maí 2025 til Lánasjóðs sveitarfélaga á netfangið utbod@lanasjodur.is

    Öllum tilboðum verður svarað fyrir kl. 17:00 á útboðsdegi. Uppgjör sölu fer fram fimmtudaginn 15. maí 2025.

    Nánari upplýsingar veitir Óttar Guðjónsson, framkvæmdastjóri, ottar@lanasjodur.is / s. 515 4949

    The MIL Network –

  • MIL-OSI: Hut 8 Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    ASIC fleet upgrade drives 79% increase in hashrate and 37% improvement in fleet efficiency quarter-over-quarter

    Launch of American Bitcoin accelerates Hut 8’s evolution as an integrated energy infrastructure platform

    Earnings Release Highlights

    • Revenue of $21.8 million, net loss of $134.3 million, and Adjusted EBITDA of ($117.7) million.
    • Total energy capacity under management of 1,020 megawatts (“MW”) as of March 31, 2025.
    • ~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.
    • Strategic Bitcoin reserve of 10,264 Bitcoin with a market value of $847.2 million as of March 31, 2025.

    MIAMI, May 08, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced its financial results for the first quarter of 2025.

    “The first quarter of 2025 marked significant advances in Hut 8’s evolution as an integrated energy infrastructure platform,” said Asher Genoot, CEO of Hut 8. “As reflected in our results, the first quarter was a deliberate and necessary phase of investment. We believe the returns on this work will become increasingly visible in the quarters ahead.”

    “Following a period of disciplined investment and execution, including a major upgrade of our ASIC fleet, we launched American Bitcoin, a majority-owned subsidiary of Hut 8 focused exclusively on industrial-scale Bitcoin mining and strategic Bitcoin accumulation. The streamlined capital allocation framework made possible by the American Bitcoin launch reinforces our ability to scale lower-cost-of-capital businesses such as high-performance computing. With approximately 10,800 megawatts of development capacity in our pipeline and 10,264 Bitcoin retained in reserve as of March 31, 2025, we believe we are well-positioned and capitalized for disciplined growth. And through our ownership in American Bitcoin, we have preserved exposure to Bitcoin while establishing a new vehicle purpose-built for shareholder value creation.”

    “Building on this foundation, we continue to execute against our 2025 roadmap by advancing potential catalysts for topline growth, including the energization of Vega, the initial sitework at River Bend, and the development of our utility-scale power portfolio. We believe these initiatives will further accelerate our ability to generate resilient near-term cash flows while building toward enduring leadership across next-generation digital infrastructure markets.”

    First Quarter 2025 Highlights

    Power

    • Generated $4.4 million in first quarter revenue from Power Generation and Managed Services.
    • Secured and broke ground on 592 acres at our River Bend campus in Louisiana, where initial sitework is underway.
    • ~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.

    Digital Infrastructure

    • Generated $1.3 million in first quarter revenue from CPU Colocation.
    • Continued construction at the 205 MW Vega site, which remains on track for energization in the second quarter of 2025, with more than 70% of budgeted capital expenditures incurred through March 31, 2025.
    • Established operational infrastructure for the Vega data center, including the onboarding of site management and development of operating processes for the direct-to-chip liquid-cooled facility.
    • Energized a direct-to-chip liquid-cooled test rack module at Salt Creek in preparation for the energization of Vega.
    • Enhanced our operating software through the development of a new curtailment control solution in Reactor designed specifically to optimize energy consumption at Vega and a more robust feature set in Operator to help automate ASIC-level operations.

    Compute

    • Generated $16.1 million in first quarter revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations.
    • Executed ASIC fleet upgrade, which was completed in the first week of April 2025, increasing deployed hashrate to 9.3 EH/s and improving average fleet efficiency to approximately 20 J/TH at the end of Q1 2025.
    • Launched American Bitcoin, a pure-play Bitcoin miner, following the strategic contribution of substantially all of Hut 8’s ASIC miners to and in exchange for a majority interest in American Data Centers, Inc., a company formed by a group of investors including Eric Trump and Donald Trump Jr., which was subsequently renamed and relaunched as American Bitcoin in connection with the transaction.

    Capital Strategy and Balance Sheet

    • Expanded Bitcoin held in reserve to 10,264 Bitcoin with a market value of $847.2 million as of March 31, 2025.
    • Generated $275.5 million in net proceeds from the Company’s ATM program from inception to quarter-end, selling 9.8 million shares at a weighted average price of $28.23 per share.

    Key Performance Indicators

        Three Months Ended
        March 31,
        2025   2024
    Cost to mine a Bitcoin (excluding hosted facilities)(1)   $ 58,757     $ 20,419  
    Cost to mine a Bitcoin(2)   $ 58,757     $ 24,594  
    Weighted average revenue per Bitcoin mined(3)   $ 92,224     $ 51,769  
    Number of Bitcoin mined(4)     167       716  
    Energy cost per MWh   $ 51.71     $ 40.06  
    Hosting cost per MWh   $ —     $ 68.72  
    Energy capacity under management (mining)(5)     665 MW       884 MW  
    Total energy capacity under management(6)     1,020 MW       1,239 MW  
    Number of Bitcoin in strategic reserve(7)     10,264       9,102  
    (1) Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense (excluding hosted facilities) divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (2) Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (3) Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV. For the quarter ended March 31, 2024 the weighted average revenue per Bitcoin mined includes one month of activity from discontinued operations at our Drumheller site.
    (4) Bitcoin mined includes our net share of the King Mountain JV and excludes discontinued operations from our Drumheller site. Bitcoin mined excluding our net share of the King Mountain JV was 135 and 592 for the three months ended March 31, 2025 and 2024, respectively.
    (5) Energy capacity under management (mining) represents the total power capacity related to Bitcoin Mining infrastructure, including self-mining sites, ASIC Colocation agreements, and Managed Services agreements.
    (6) Total energy capacity under management includes (i) energy capacity under management (mining) and (ii) all energy-related assets including Power Generation, CPU Colocation infrastructure, and non-operational sites.
    (7) Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, or pledged for a miner purchase under an agreement with BITMAIN.

    Select First Quarter 2025 Financial Results

    Revenue for the three months ended March 31, 2025 was $21.8 million compared to $51.7 million in the prior year period, and consisted of $4.4 million in Power revenue, $1.3 million in Digital Infrastructure revenue, and $16.1 million in Compute revenue, and nil in Other revenue.

    Net (loss) income for the three months ended March 31, 2025 was ($134.3) million compared to $250.7 million for the prior year period. This included losses on digital assets of $112.4 million and gains on digital assets of $274.6 million for the three months ended March 31, 2025 and 2024, respectively.

    Adjusted EBITDA for the three months ended March 31, 2025 was ($117.7) million compared to $297.0 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    All financial results are reported in U.S. dollars.

    Conference Call

    The Hut 8 Corp. First Quarter 2025 Conference Call will commence today, Thursday, May 8, 2025, at 8:30 a.m. ET. Investors can join the live webcast here.

    Supplemental Materials and Upcoming Communications

    The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

    Analyst Coverage

    A full list of Hut 8 Corp. analyst coverage can be found at https://hut8.com/investors/analyst-coverage/.

    About Hut 8

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-potential computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five ASIC Colocation and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X at @Hut8Corp.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to including statements relating to the Company’s evolution as an integrated energy infrastructure platform, the impact of the Company’s investments in 2024 and Q1 2025, the impact of American Bitcoin, the Company’s ability to execute on its 2025 roadmap and initiatives, the timing for energizing the Vega site, and the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

    Adjusted EBITDA

    In addition to results determined in accordance with GAAP, Hut 8 relies on Adjusted EBITDA to evaluate its business, measure its performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net (loss) income, adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gain or loss, gain or loss on sale of property and equipment, the removal of non-recurring transactions, asset contribution costs, gain on derivatives, gain on other financial liability, loss from discontinued operations, net loss attributable to non-controlling interests before taxes, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons the Company’s board of directors and management team consider them appropriate for supplemental analysis.

    The Company’s board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company’s definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

     
    Hut 8 Corp. and Subsidiaries
    Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
    (Unaudited in USD thousands, except share and per share data)
     
        Three Months Ended
        March 31,
          2025     2024  
    Revenue:            
    Power   $ 4,380     $ 9,938  
    Digital Infrastructure     1,317       5,844  
    Compute     16,118       32,138  
    Other     —       3,821  
    Total revenue     21,815       51,741  
                 
    Cost of revenue (exclusive of depreciation and amortization shown below):            
    Cost of revenue – Power     3,628       3,633  
    Cost of revenue – Digital Infrastructure     1,559       4,629  
    Cost of revenue – Compute     13,472       17,686  
    Cost of revenue – Other     —       2,199  
    Total cost of revenue     18,659       28,147  
                 
    Operating expenses (income):            
    Depreciation and amortization     14,899       11,472  
    General and administrative expenses     21,059       19,999  
    Losses (gains) on digital assets     112,394       (274,574 )
    Loss (gain) on sale of property and equipment     2,454       (190 )
    Total operating expenses (income)     150,806       (243,293 )
    Operating (loss) income     (147,650 )     266,887  
                 
    Other income (expense):            
    Foreign exchange gain (loss)     9       (2,399 )
    Interest expense     (7,469 )     (6,281 )
    Asset contribution costs     (22,780 )     —  
    Gain on derivatives     20,862       —  
    Gain on other financial liability     1,139       —  
    Equity in earnings of unconsolidated joint venture     1,365       4,522  
    Total other expense     (6,874 )     (4,158 )
                 
    (Loss) income from continuing operations before taxes     (154,524 )     262,729  
                 
    Income tax benefit (provision)     20,205       (4,396 )
                 
    Net (loss) income from continuing operations   $ (134,319 )   $ 258,333  
                 
    Loss from discontinued operations (net of income tax benefit of nil and nil, respectively)     —       (7,626 )
                 
    Net (loss) income     (134,319 )     250,707  
                 
    Less: Net loss attributable to non-controlling interests     430       169  
    Net (loss) income attributable to Hut 8 Corp.   $ (133,889 )   $ 250,876  
                 
    Net (loss) income per share of common stock:            
    Basic from continuing operations attributable to Hut 8 Corp.   $ (1.30 )   $ 2.90  
    Diluted from continuing operations attributable to Hut 8 Corp.   $ (1.30 )   $ 2.76  
                 
    Weighted average number of shares of common stock outstanding:            
    Basic     102,854,747       89,149,845  
    Diluted     102,854,747       93,696,683  
                 
    Net (loss) income   $ (134,319 )   $ 250,707  
    Other comprehensive (loss) income:            
    Foreign currency translation adjustments     1,187       (11,074 )
    Total comprehensive (loss) income     (133,132 )     239,633  
    Less: Comprehensive loss attributable to non-controlling interest     431       134  
    Comprehensive loss (income) attributable to Hut 8 Corp.   $ (132,701 )   $ 239,767  

    Adjusted EBITDA Reconciliation

        Three Months Ended
        March 31,
    (in USD thousands)   2025   2024
    Net (loss) income   $ (134,319 )   $ 250,707  
    Interest expense     7,469       6,281  
    Income tax (benefit) provision     (20,205 )     4,396  
    Depreciation and amortization     14,899       11,472  
    Share of unconsolidated joint venture depreciation and amortization(1)     5,485       5,349  
    Foreign exchange (gain) loss     (9 )     2,399  
    Losses (gains) on sale of property and equipment     2,454       (190 )
    Gain on derivatives     (20,862 )     —  
    Gain on other financial liability     (1,139 )     —  
    Non-recurring transactions(2)     1,485       4,300  
    Asset contribution costs     22,780       —  
    Loss from discontinued operations (net of income tax of nil and nil, respectively)     —       7,626  
    Net loss attributable to non-controlling interests before taxes     473       169  
    Stock-based compensation expense     3,793       4,474  
    Adjusted EBITDA   $ (117,696 )   $ 296,983  
    (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income in accordance with ASC 323. See Note 9. Investments in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail.
    (2) Non-recurring transactions for the three months ended March 31, 2025 represent approximately $1.5 million related to restructuring and American Bitcoin related transaction costs. Non-recurring transactions for the three months ended March 31, 2024 represent approximately $1.4 million of transaction costs related to the Far North JV acquisition and $2.9 million related to restructuring cost.

    Contacts

    Hut 8 Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Corp. Public Relations
    Gautier Lemyze-Young
    media@hut8.com

    The MIL Network –

  • MIL-OSI: Liquidia Corporation Reports First Quarter 2025 Financial Results and Provides Corporate Update

    Source: GlobeNewswire (MIL-OSI)

    • Awaiting FDA action on YUTREPIA™ NDA with a PDUFA goal date of May 24, 2025
    • District Court dismissed cross claim filed by United Therapeutics challenging PH-ILD amendment
    • Fully enrolled Cohort A of ASCENT study in patients with PH-ILD
    • Further strengthened financial position via access of up to $100 million from existing financing agreement with HealthCare Royalty
    • Company to host webcast today at 8:30 a.m. ET

    MORRISVILLE, N.C., May 08, 2025 (GLOBE NEWSWIRE) — Liquidia Corporation (NASDAQ: LQDA), a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease, today reported financial results for the first quarter ended March 31, 2025. The company will also host a webcast at 8:30 a.m. ET on May 8, 2025 to discuss its financial results and provide a corporate update.

    Dr. Roger Jeffs, Liquidia’s Chief Executive Officer, said: “With the FDA’s PDUFA goal date on the YUTREPIA NDA just over two weeks away, we remain focused on ensuring that we are prepared to make YUTREPIA commercially available in the quickest time possible if granted full approval. We continue to believe that YUTREPIA has the potential to be the prostacyclin of first choice for patients with pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).”

    Corporate Updates

    Awaiting FDA action on NDA for YUTREPIA (treprostinil) inhalation powder
    On March 28, 2025, the U.S. Food and Drug Administration (FDA) accepted Liquidia’s New Drug Application (NDA) resubmission for YUTREPIA (treprostinil) inhalation powder to treat PAH and PH-ILD as a complete Class 1 response to the previous action letter issued on August 16, 2024, which granted tentative approval of YUTREPIA. The FDA has set a Prescription Drug User Fee Act (PDUFA) goal date of May 24, 2025, the day after regulatory exclusivity expires for Tyvaso DPI®.

    Court will not hear cross-claim that challenged the amendment to the YUTREPIA NDA to add the PH-ILD indication
    On May 2, 2025, Liquidia announced that the U.S. District Court for the District of Columbia (District Court) dismissed, without prejudice, the cross-claim filed by United Therapeutics (UTHR) that sought to challenge Liquidia’s amendment to its NDA for YUTREPIA™ (treprostinil) inhalation powder, which added the treatment of PH-ILD)to the proposed label for YUTREPIA. In its ruling, the District Court determined that UTHR’s claim was unripe and that UTHR had failed to plausibly allege that it has standing. UTHR has the right to appeal the Court’s ruling.

    Fully enrolled Cohort A of ASCENT study in PH-ILD patients
    In March 2025, Liquidia completed enrollment of Cohort A of the open-label ASCENT study evaluating the tolerability and titratability of YUTREPIA in PH-ILD, with more than 50 patients enrolled. An interim look at the dosing and tolerability profile in the first 20 patients to complete eight weeks of treatment was consistent with observations made in the INSPIRE study of PAH patients. To date, patients in Cohort A of ASCENT were able to titrate to doses that are three-times higher than the labelled target dose of nebulized Tyvaso, while showing positive trends on exploratory measures of efficacy, including 6-minute walk distance. Liquidia will present additional data from Cohort A of the ASCENT study during two poster sessions at the American Thoracic Society (ATS) 2025 International Conference on May 21, 2025.

    Strengthened financial position ahead of launch via amendment to Agreement with HealthCare Royalty
    On March 17, 2025, Liquidia entered into a sixth amendment to its agreement with HealthCare Royalty (HCR Agreement) to provide for up to an additional $100 million of financing in three tranches. The company intends to use the proceeds to fund ongoing commercial development of YUTREPIA, continued development of YUTREPIA in other clinical trials, including but not limited to trials for pediatric patients and trials further evaluating the use of YUTREPIA in PAH and PH-ILD patients, clinical development of L606, a sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer, and for general corporate purposes.

    First Quarter 2025 Financial Results

    Cash and cash equivalents totaled $169.8 million as of March 31, 2025, compared to $176.5 million as of December 31, 2024.

    Revenue was $3.1 million for the three months ended March 31, 2025, compared to $3.0 million for the three months ended March 31, 2024. Revenue related primarily to the promotion agreement with Sandoz, Inc. pursuant to which we share profits from the sale of Treprostinil Injection in the United States (Promotion Agreement). The increase of $0.1 million was primarily due to the impact of unfavorable gross-to-net returns adjustments recorded in the prior year offset by lower sales volumes in the current year.

    Cost of revenue was $1.5 million for each of the three months ended March 31, 2025 and 2024. Cost of revenue related to the Promotion Agreement as noted above.

    Research and development expenses were $7.0 million for the three months ended March 31, 2025, compared to $10.1 million for the three months ended March 31, 2024. The decrease of $3.1 million or 31% was primarily due to a $3.6 million decrease in personnel expenses (including stock-based compensation) due to a shift from activities related to research and development to preparation for the potential commercialization of YUTREPIA. These decreases were offset by a $1.7 million increase in clinical expenses related to our L606 program, and a $0.4 million decrease in expenses related to our YUTREPIA research and development activities.

    General and administrative expenses were $30.1 million for the three months ended March 31, 2025, compared to $20.2 million for the three months ended March 31, 2024. The increase of $9.9 million or 48% was primarily due to a $8.1 million increase in personnel expenses (including stock-based compensation) driven by higher headcount and a shift from activities related to research and development to preparation for the potential commercialization of YUTREPIA, a $0.6 million increase in legal fees related to our ongoing YUTREPIA-related litigation, and a $0.6 million increase in facilities and infrastructure expenses.

    Total other expense, net was $2.9 million for the three months ended March 31, 2025, compared with $1.3 million for the three months ended March 31, 2024. The increase of $1.6 million was primarily driven by a $1.5 million increase in interest expense attributable to the higher borrowings under the HCR Agreement.

    Net loss for the three months ended March 31, 2025, was $38.4 million or $0.45 per basic and diluted share, compared to a net loss of $30.1 million, or $0.40 per basic and diluted share, for the three months ended March 31, 2024.

    About YUTREPIA™ (treprostinil) Inhalation Powder
    YUTREPIA is an investigational, inhaled dry-powder formulation of treprostinil delivered through a convenient, low-effort, palm-sized device. In August 2024, the FDA issued tentative approval of YUTREPIA for the PAH and PH-ILD indications. YUTREPIA was designed using Liquidia’s PRINT® technology, which enables the development of drug particles that are precise and uniform in size, shape and composition, and that are engineered for enhanced deposition in the lung following oral inhalation. Liquidia has completed INSPIRE, or Investigation of the Safety and Pharmacology of Dry Powder Inhalation of Treprostinil, an open-label, multi-center phase 3 clinical study of YUTREPIA in patients diagnosed with PAH who are naïve to inhaled treprostinil or who are transitioning from Tyvaso® (nebulized treprostinil). YUTREPIA is currently being studied in the ASCENT trial, an Open-Label Prospective Multicenter Study to Evaluate Safety and Tolerability of Dry Powder Inhaled Treprostinil in Pulmonary Hypertension, to evaluate the safety and tolerability of YUTREPIA in PH-ILD patients. YUTREPIA was previously referred to as LIQ861 in investigational studies.

    About L606 (liposomal treprostinil) Inhalation Suspension
    L606 is an investigational, sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer. The L606 suspension uses Pharmosa Biopharm’s proprietary liposomal formulation to encapsulate treprostinil which can be released slowly at a controlled rate into the lung, enhancing drug exposure over an extended period of time. L606 is currently being evaluated in an open-label study in the United States for treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) with a planned global pivotal placebo-controlled efficacy study for the treatment of PH-ILD.

    About Treprostinil Injection
    Treprostinil Injection is the first-to-file, fully substitutable generic treprostinil for parenteral administration. Treprostinil Injection contains the same active ingredient, same strengths, same dosage form and same inactive ingredients as Remodulin® (treprostinil) and is offered to patients and physicians with the same level of service and support, but at a lower price than the branded drug. Liquidia PAH promotes the appropriate use of Treprostinil Injection for the treatment of PAH in the United States in partnership with its commercial partner, Sandoz, who holds the Abbreviated New Drug Application (ANDA) with the FDA.

    About Pulmonary Arterial Hypertension (PAH)
    Pulmonary arterial hypertension (PAH) is a rare, chronic, progressive disease caused by hardening and narrowing of the pulmonary arteries that can lead to right heart failure and eventually death. Currently, an estimated 45,000 patients are diagnosed and treated in the United States. There is currently no cure for PAH, so the goals of existing treatments are to alleviate symptoms, maintain or improve functional class, delay disease progression and improve quality of life.

    About Pulmonary Hypertension Associated with Interstitial Lung Disease (PH-ILD)
    Pulmonary hypertension (PH) associated with interstitial lung disease (ILD) includes a diverse collection of up to 150 different pulmonary diseases, including interstitial pulmonary fibrosis, chronic hypersensitivity pneumonitis, connective tissue disease-related ILD, and chronic pulmonary fibrosis with emphysema (CPFE) among others. Any level of PH in ILD patients is associated with poor 3-year survival. A current estimate of PH-ILD prevalence in the United States is greater than 60,000 patients, though actual prevalence in many of these underlying ILD diseases is not yet known due to factors including underdiagnosis and lack of approved treatments until March 2021 when inhaled treprostinil was first approved for this indication.

    About Liquidia Corporation
    Liquidia Corporation is a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease. The company’s current focus spans the development and commercialization of products in pulmonary hypertension and other applications of its proprietary PRINT® Technology. PRINT enabled the creation of Liquidia’s lead candidate, YUTREPIA™ (treprostinil) inhalation powder, an investigational drug for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).  The company is also developing L606, an investigational sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer, and currently markets generic Treprostinil Injection for the treatment of PAH. To learn more about Liquidia, please visit www.liquidia.com.

    Remodulin® and Tyvaso® are registered trademarks of United Therapeutics Corporation.

    Cautionary Statements Regarding Forward-Looking Statements
    This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts, including statements regarding our future results of operations and financial position, our strategic and financial initiatives, our business strategy and plans and our objectives for future operations, are forward-looking statements. Such forward-looking statements, including statements regarding clinical trials, clinical studies and other clinical work (including the funding therefor, anticipated patient enrollment, safety data, study data, trial outcomes, timing or associated costs), regulatory applications and related submission contents and timelines, including the potential for final FDA approval of the NDA for YUTREPIA, which may occur after the expiration of the exclusivity period of TYVASO DPI, if at all, the timelines or outcomes related to patent litigation with United Therapeutics in the U.S. District Court for the District of Delaware, litigation with United Therapeutics and FDA in the U.S. District Court for the District of Columbia or other litigation between Liquidia and United Therapeutics or others, including rehearings or appeals of decisions in any such proceedings, the issuance of patents by the USPTO and our ability to execute on our strategic or financial initiatives, the potential for additional funding under the HCR Agreement, our anticipated use of net proceeds funded under the HCR Agreement, our estimates regarding future expenses, capital requirements and needs for additional financing, and potential revenue and profitability of YUTREPIA, if approved, involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein. The receipt of tentative approval of an NDA from the FDA is not determinative as to whether or when the FDA will grant final approval. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks discussed in our filings with the SEC, as well as a number of uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment and our industry has inherent risks. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that these goals will be achieved, and we undertake no duty to update our goals or to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

    Financial Statement Revision

    During the three months ended March 31, 2025, we identified immaterial errors in our accounting treatment of the fourth and fifth amendments to the HCR Agreement.  We voluntarily revised our previously issued 2024 annual consolidated financial statements to correct the immaterial errors and disclosed the impacts to our quarterly financial statements for the respective 2024 interim periods in our Current Report on Form 8-K filed on May 8, 2025. As a result of the revision, the loss on extinguishment has been eliminated and an adjustment to interest expense resulting from the modifications has been recorded, with corresponding adjustments to the long-term debt and accumulated deficit accounts.  The financial statement line items as of and for the three months ended March 31, 2024 in the financial statements presented in this press release reflect such revisions.

    Contact Information

    Investors:
    Jason Adair
    Chief Business Officer
    919.328.4350
    Jason.adair@liquidia.com

    Media:
    Patrick Wallace
    Director, Corporate Communications
    919.328.4383
    patrick.wallace@liquidia.com

    Liquidia Corporation
    Select Condensed Consolidated Balance Sheet Data (unaudited)
    (in thousands)
                 
        March 31,     December 31,  
        2025     2024  
    Cash and cash equivalents   $ 169,758     $ 176,479  
    Total assets   $ 227,429     $ 230,313  
    Total liabilities   $ 177,716     $ 150,935  
    Accumulated deficit   $ (595,756 )   $ (557,389 )
    Total stockholders’ equity   $ 49,713     $ 79,378  
                 
    Liquidia Corporation
    Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)
    (in thousands, except share and per share amounts)
     
        Three Months Ended
    March 31,    		  
        2025     2024  
    Revenue   $ 3,120     $ 2,972  
    Costs and expenses:                
    Cost of revenue     1,517       1,467  
    Research and development     6,966       10,057  
    General and administrative     30,062       20,249  
    Total costs and expenses     38,545       31,773  
    Loss from operations     (35,425 )     (28,801 )
    Other income (expense):                
    Interest income     1,728       1,880  
    Interest expense     (4,670 )     (3,162 )
    Total other expense, net     (2,942 )     (1,282 )
    Net loss and comprehensive loss   $ (38,367 )   $ (30,083 )
    Net loss per common share, basic and diluted   $ (0.45 )   $ (0.40 )
    Weighted average common shares outstanding, basic and diluted     85,172,696       75,393,907  

    The MIL Network –

  • MIL-OSI: TransUnion Declares First Quarter 2025 Dividend of $0.115 per Share

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, May 08, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) today announced that its Board of Directors declared a cash dividend of $0.115 per share for the first quarter 2025. The dividend will be payable on June 6, 2025, to shareholders of record on May 22, 2025.

    About TransUnion (NYSE: TRU)

    TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

    http://www.transunion.com/business

    E-mail   investor.relations@transunion.com
         
    Telephone   312-985-2860

    The MIL Network –

  • MIL-OSI: P10 Reports First Quarter 2025 Earnings Results

    Source: GlobeNewswire (MIL-OSI)

    Record fundraising and deployments of over $1.4 Billion in Gross New Fee-Paying AUM

    Increased Quarterly Dividend by 7%

    Completed Acquisition of Qualitas Funds

    DALLAS, May 08, 2025 (GLOBE NEWSWIRE) — P10, Inc. (NYSE: PX) (the “Company”), a leading private markets solutions provider, today reported financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Financial Highlights

    • Revenue: $67.7 million, a 2% increase year over year.
    • Fee-Related Revenue: $67.6 million, a 4% increase year over year.
    • Fee-Paying Assets Under Management: $26.3 billion, a 10% increase year over year.
    • GAAP Net Income: $4.7 million compared to $5.2 million in the prior year.
    • Fee-Related Earnings: $30.7 million compared to $30.7 million in the prior year.
    • Adjusted Net Income: $23.5 million compared to $25.4 million in the prior year.
    • Fully Diluted GAAP EPS: $0.04 compared to $0.04 in the prior year.
    • Fully Diluted ANI per share: $0.20 compared to $0.21 in the prior year.

    A presentation of the quarterly financials may be accessed here and is available on the Company’s website.

    “In the first quarter, P10 raised and deployed over $1.4 billion in gross new fee-paying AUM, representing the best fundraising quarter in our history,” said Luke Sarsfield, P10 Chairman and Chief Executive Officer. “Our record quarter is a true testament to the strength of our platform and what we are building here at P10. Additionally, we recently completed the acquisition of Qualitas Funds, significantly expanding our global presence. Looking ahead, we believe we are well positioned to meet our fundraising targets and further expand our client franchise by providing unrivaled access to investment opportunities.”

    Stock Repurchase Program

    In the first quarter, the Company repurchased 1,215,106 shares at an average price of $12.31 per share. The repurchase activity left approximately $28.5 million available under the repurchase authorization at the end of the first quarter.

    Declaration of Dividend

    The Board of Directors of the Company has declared a quarterly cash dividend of $0.0375 per share on Class A and Class B common stock, an increase of 7%, payable on June 20, 2025, to the holders of record as of the close of business on May 30, 2025.

    Conference Call Details

    The Company will host a conference call at 8:30 a.m. Eastern Time on Thursday, May 8, 2025. All participants must register prior to joining the event.

    • To join and view the live webcast, please register here.
    • To join by telephone, please register here.

    For those unable to participate in the live event, a replay will be made available on P10’s investor relations page at www.p10alts.com.

    About P10

    P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry. P10’s mission is to provide its investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. As of March 31, 2025, P10’s products have a global investor base of more than 3,800 investors across 50 states, 60 countries, and six continents, which includes some of the world’s largest pension funds, endowments, foundations, corporate pensions, and financial institutions. Visit www.p10alts.com.

    Forward-Looking Statements

    Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “will,” “expect,” “believe,” “estimate,” “continue,” “anticipate,” “intend,” “plan” and similar expressions are intended to identify these forward-looking statements. Forward-looking statements discuss management’s current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance, and business. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates, or expectations contemplated will be achieved. Forward-looking statements reflect management’s current plans, estimates, and expectations, and are inherently uncertain. All forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause actual results to be materially different; global and domestic market and business conditions; successful execution of business and growth strategies and regulatory factors relevant to our business; changes in our tax status; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; our ability to make acquisitions and successfully integrate the businesses we acquire; assumptions relating to our operations, financial results, financial condition, business prospects and growth strategy; and our ability to manage the effects of events outside of our control. The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the “Risk Factors” included in our annual report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 28, 2025, and in our subsequent reports filed from time to time with the SEC. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.

    Use of Non-GAAP Financial Measures by P10

    The non-GAAP financial measures contained in this press release (including, without limitation, Fee-Related Revenue (“FRR”), Fee-Related Earnings (“FRE”), Fee-Related Earnings Margin, Adjusted Net Income (“ANI”), Fully Diluted ANI per share and fee-paying assets under management) are not GAAP measures of the Company’s financial performance or liquidity and should not be considered as alternatives to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. A reconciliation of such non-GAAP measures to their most directly comparable GAAP measure is included later in this press release. The Company believes the presentation of these non-GAAP measures provide useful additional information to investors because it provides better comparability of ongoing operating performance to prior periods. It is reasonable to expect that one or more excluded items will occur in future periods, but the amounts recognized can vary significantly from period to period. These non-GAAP measures should not be considered substitutes for net income or cash flows from operating, investing, or financing activities. You are encouraged to evaluate each adjustment to non-GAAP financial measures and the reasons management considers it appropriate for supplemental analysis. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

    Key Financial & Operating Metrics

    Fee-paying assets under management reflects the assets from which we earn management and advisory fees. Our vehicles typically earn management and advisory fees based on committed capital, and in certain cases, net invested capital, depending on the fee terms. Management and advisory fees based on committed capital are not affected by market appreciation or depreciation.

    P10 Investor Contact:
    info@p10alts.com

    P10 Media Contact:
    Josh Clarkson
    Taylor Donahue
    pro-p10@prosek.com

    Reconciliation of Non-GAAP Financial Measures
             
    (Dollars in thousands except share and per share amounts)   Three Months Ended   % Change
        March 31, 2025 March 31, 2024   Q1’25 vs Q1’24
    GAAP Net Income   $ 4,696   $ 5,243     -10%
    Adjustments:          
    Depreciation & amortization     5,804     7,083     -18%
    Interest expense, net     6,417     5,776     11%
    Income tax expense     265     1,758     -85%
    Non-recurring expenses     3,460     691     401%
    Non-cash stock based compensation     5,855     5,945     -2%
    Non-cash stock based compensation – acquisitions     710     771     -8%
    Earn out related compensation     3,519     3,558     -1%
    Non-Fee Related Income     (39 )   (84 )   -54%
    Fee-Related Earnings   $ 30,687   $ 30,741     0%
    Plus:          
    Non-Fee Related Income   $ 39   $ 84     -54%
    Less:          
    Cash interest expense     (6,696 )   (5,406 )   24%
    Cash income taxes, net of taxes related to acquisitions     (570 )   (19 )   2900%
    Adjusted Net Income   $ 23,460   $ 25,400     -8%
               
    Fully Diluted ANI per Share          
    Shares outstanding     110,907     115,129     -4%
    Fully Diluted Shares outstanding     119,352     122,841     -3%
    ANI per share   $ 0.21   $ 0.22     -4%
    Fully Diluted ANI per share(1)   $ 0.20   $ 0.21     -5%
               
    Fee-Related Revenue          
    Total Revenues   $ 67,667   $ 66,115     2%
    Adjustments:          
    Non-Fee Related Revenue     (39 )   (1,108 )   -96%
    Fee-Related Revenue   $ 67,628   $ 65,007     4%
               
    Fee-Related Earnings Margin          
    Fee-Related Revenue   $ 67,628   $ 65,007     4%
    Fee-Related Earnings   $ 30,687   $ 30,741     0%
    Fee-Related Earnings Margin     45 %   47 %   N/A

     

    (1) Fully Diluted ANI EPS calculations include the total of all shares of common stock, stock options under the treasury stock method, restricted stock awards, and the redeemable non-controlling interests of P10 Intermediate converted to Class A stock as of each period presented.

    Notes to Reconciliation of Non-GAAP Financial Measures

    Above is a calculation of our unaudited non-GAAP financial measures. These are not measures of financial performance under GAAP and should not be construed as a substitute for the most directly comparable GAAP measures, which are reconciled in the table above. These measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these measures in isolation or as a substitute for GAAP measures. Other companies may calculate these measures differently than we do, limiting their usefulness as a comparative measure.

    We use Adjusted Net Income, or ANI, Fee-Related Revenues, Fee-Related Earnings and Fee-Related Earnings Margin to provide additional measures of profitability. We use the measures to assess our performance relative to our intended strategies, expected patterns of profitability, and budgets, and use the results of that assessment to adjust our future activities to the extent we deem necessary. ANI reflects an estimate of our cash flows generated by our core operations. ANI is calculated as Fee-Related Earnings, plus Non-Fee Related Income, less actual cash paid for interest and federal and state income taxes.

    In order to compute Fee-Related Earnings, we adjust our GAAP Net Income for the following items:

    • Expenses that typically do not require us to pay them in cash in the current period (such as depreciation, amortization and stock-based compensation);
    • The cost of financing our business;
    • One-time expenses related to restructuring of the management team including placement/search fees;
    • Expenses related to one-time technical accounting matters;
    • Acquisition-related expenses which reflects the actual costs incurred during the period for the acquisition of new businesses, which primarily consists of fees for professional services including legal, accounting, and advisory, as well as bonuses paid to employees directly related to the acquisition;
    • The effects of income taxes;
    • Non-Fee Related Income.

    Fee-Related Revenues is calculated as Total Revenues less Non-Fee Related Revenue.

    Fee-Related Earnings is a non-GAAP performance measure used to monitor our baseline earnings less any incentive fee revenue and excluding any incentive fee-related expenses.

    Fee-Related Earnings Margin is calculated as Fee-Related Earnings divided by Fee-Related Revenues.

    Adjusted Net Income reflects net cash paid for federal and state income taxes and cash interest expense.

    The MIL Network –

  • MIL-OSI: MEXC Announces Listing of Shardeum (SHM) with 72,000 SHM and 150,000 USDT in Bonuses

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, May 08, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announces that it will list Shardeum (SHM) in the Innovation Zone on May 8, 2025 (UTC). To celebrate this significant addition to the exchange, MEXC has launched three exclusive events with a combined prize pool of 72,000 SHM and 150,000 USDT.

    Shardeum is an EVM-compatible, autoscaling blockchain designed with dynamic state sharding to ensure permanently low gas fees while maintaining full decentralization and robust security. Shardeum is on a mission to facilitate an affordable blockchain ecosystem with sustainably low gas fees. The project has secured over $31 million in funding with backing from leading investors, including Struck Crypto, Arrington Capital, Big Brain Holdings, Spartan Group, Amber Group, Foresight Ventures, Jane Street, and more.

    $SHM is the native token of the Shardeum ecosystem. It serves both utility and governance purposes, including fee payments, validator staking, and on-chain governance. It plays a vital role in the platform’s consensus mechanism, aligning incentives and securing the network to support sustainable Web3 innovation.

    To celebrate the listing, MEXC has launched three events for users:

    • Event 1: Shardeum (SHM) Launchpool – Stake USDT & MX to Share 63,360 SHM

    From May 2, 11:00 to May 4, 11:00, 2025 (UTC), users can stake USDT or MX on MEXC Launchpool to earn a share of 63,360 SHM. This initiative provides early access to SHM through token staking.

    • Event 2: Invite New Users & Share 8,640 SHM

    Users can earn 8 SHM for each new user they invite who registers, deposits at least 100 USDT, and participates in the Launchpool event. Each participant can invite up to 20 users and earn a maximum of 160 SHM. Rewards will be distributed on a first-come, first-served basis.

    • Event 3: Join Airdrop+ to Share 150,000 USDT

    Users can participate in this event from May 2, 11:00 to May 16, 11:00, 2025 (UTC), and enjoy the following benefits:

    Benefit 1: Deposit and share 72,000 USDT in Futures bonus (New user exclusive)
    Benefit 2: Spot Challenge — Trade to share 10,000 USDT in Futures bonuses (For all users)
    Benefit 3: Futures Challenge — Trade to share 50,000 USDT in Futures bonuses (For all users)
    Benefit 4: Invite new users and share 18,000 USDT in Futures bonuses (For all users)

    MEXC has established itself as an industry leader by consistently providing users with early access to promising crypto projects. According to the latest TokenInsight report, from November 1, 2024, to February 15, 2025, MEXC led the industry with an impressive 461 spot listings. During each bi-weekly period, MEXC maintained a high listing frequency, consistently ranking among the top six exchanges and demonstrating its ability to capture market trends quickly. To date, MEXC has listed more than 3,000 digital assets. Moving forward, MEXC will continue to maintain its industry-leading listing efficiency, innovate, and expand its offerings, ensuring users have access to the best opportunities in the ever-evolving crypto landscape.

    For full event details and participation rules, please visit here.

    About MEXC

    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Contact:
    Lucia Hu
    lucia.hu@mexc.com

    Risk Disclaimer:

    The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

    Disclaimer: This press release is provided by the “MEXC”. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Source

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c21606df-d749-423b-9809-9b9656b88b57

    The MIL Network –

  • MIL-OSI: Oyster Solutions Unveils Expansive Product Updates

    Source: GlobeNewswire (MIL-OSI)

    RICHMOND, Va., May 08, 2025 (GLOBE NEWSWIRE) — Oyster Solutions, the industry’s premier provider of governance, risk and compliance technology, revealed a rich set of new features and capabilities to its already robust operating system. With Oyster Solutions, financial services professionals can maximize their productivity, mitigate risk, and deliver exceptional service—all within Oyster Solutions’ centralized platform trusted by industry professionals.

    Click to watch a demo

    “This year, we have focused on helping organizations align around policies and procedures throughout our platform,” said Buddy Doyle, CEO and Founder of Oyster Solutions. “By creating more integration opportunities, trade reporting components, and dynamic reporting for broker-dealers and Registered Investment Advisors, our software provides the tools they need to save time, mitigate risk, and run a healthy, thriving firm. Each update is rooted in the desire to improve firms’ value and make Oyster Solutions work harder for them across one versatile platform.”

    Expanded Integrations and Connectivity

    Oyster Solutions now supports a broader range of data feed integrations, API connections, and bi-directional synchronization—providing financial services firms with a more connected and responsive platform. These expanded capabilities allow client data, trade activity, and compliance tasks to seamlessly flow between Oyster Solutions and other key business systems. Firms can centralize more operations, reduce manual processes, and ensure that data is accurate and always up to date—empowering teams to work more efficiently across functions.

    Trade Surveillance and Supervision

    Oyster Solutions’ Monitor module is specifically designed for requirements intrinsic to regulatory supervision and surveillance demands. Compliance and Trade Desk teams can leverage Oyster Solutions to compare client and household activity, profile and investment holdings to employee information and then identify conflicts of interest, compliance parameters and risk tolerance.

    The Oyster Solutions Monitor module can customize alerts tailored to specific risk parameters, enabling proactive identification and mitigation of potential compliance breaches. Tailored alerts mean fewer false positives, saving time spent running down issues. Trade exceptions are segmented and presented for supervision review, saving time and effort while reducing errors. Oyster Solutions allows supervisors to easily see patterns and context. Now, Oyster Solutions utilizes 75 alerts, including alerts related to Reg BI and AML.

    Oyster Solutions integrates data from multiple clearing firms and direct business, allowing users to quickly find conflicts of interest and other potential trade issues.

    This suite of features is designed to meet the needs of broker-dealers and investment advisors across the United States. It also allows Compliance and Operations professionals within larger firms that have multiple products and business lines to work seamlessly on a centralized, cloud-based platform.

    Regulation Best Interest Compliance

    The Oyster Solutions Fund Analyzer module provides a central location for analysis and documentation of compliance with FINRA’s Regulation Best Interest (Reg BI). Using MorningStar Data, Oyster Solutions compares fees and expenses, account types and returns of funds. The Oyster Solutions comprehensive platform identifies and documents the lowest cost share class that meets the selection criteria.

    With the Oyster Solutions portfolio fund analyzer pre-trade tool, advisers and reps can identify the lowest cost share class option and reasonably available alternatives when purchasing mutual funds. The Selection Wizard helps reps identify funds by multiple factors, including objective, equity sector, fixed income type, risk and maturity. The Selection Wizard then uses the client’s time horizon, portfolio holdings, and account type to find the appropriate share class when displaying the prioritized results of your search.

    Simplified Governance and Planning

    In addition to these areas of innovation and expansion, Oyster Solutions has also unveiled a series of powerful updates to its core products and features, providing organizational alignment around rules, regulations and risk.

    Governance

    GRC tools allow firms to manage and integrate policies, assess risk, enforce procedures, control user access and streamline processes. The Oyster Solutions Governance Module helps financial services firms define and quantify risk, match risks to controls, and monitor processes. Oyster Solutions keeps business and controls balanced while meeting regulatory requirements. Role-based permissions allow for visibility by user responsibility, assigned tasks, and supervision to guarantee efficient compliance program management.

    Oyster Solutions’ powerful integration tools bring firm policies, requirements, procedural steps, documentation and reporting together. New, dynamic risk reports and graphics allow firm leaders to present them in a concise, easy-to-understand format, increasing adoption while mitigating risk. 

    Automated Workflows & Calendar

    Financial services professionals can eliminate spreadsheets and multiple calendars to coordinate people and assignments. With the platform’s enhanced, automated calendar, you can schedule workflows, notify users of tasks and guide employees step-by-step through the process. 

    Now, firms can choose from our additional 130 ready-to-use compliance workflows. To date, Oyster Solutions clients have implemented thousands of workflows, allowing their users and supervisors to efficiently and effectively perform their tasks. Implementation is quick and easy with templates for common workflows that include Marketing Review, and attestations. You have visibility into each automated action that will occur, giving you control and peace of mind.

    Even with limited compliance experience or a small budget, broker-dealers and registered investment advisors can grow their impact by leveraging Oyster Solutions’ automation and integration.

    Documentation

    Centralized, WORM-compliant documentation allows compliance officers to easily find and retrieve documents, audit logs, test results and attestations.

    Questionnaires

    With Oyster Solutions, financial services professionals create and share questionnaires for documentation of attestations, certifications and to monitor Outside Business Activities. Responses are effortlessly mapped and stored in a centralized location for easy retrieval. With built-in review and approval features, the document automation process is simplified for users and supervisors. Oyster Solutions questionnaires minimize the back-and-forth correspondence when gathering information, creating a seamless process.

    About Oyster Solutions

    Oyster Solutions is transforming the compliance experience for broker-dealers, Registered Investment Advisors and exchanges by creating the industry’s leading GRC technologies for financial services firms—to keep firms and their clients better protected. Firms of all sizes use Oyster Solutions to manage firm operations, streamline compliance tasks, automate attestations and certifications, and improve trade surveillance and supervision. Oyster Solutions and Oyster Consulting LLC are subsidiaries to Oyster Holdings Ltd. Learn more at oysterconsultingllc.com.

    Contact:

    Buddy Doyle CEO
    communications@oysterllc.com 
    804.965.5400

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c94746a2-07df-4825-9cf5-4b7218b7cb54

    The MIL Network –

  • MIL-OSI: CLEAR Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Clear Secure, Inc. (NYSE: YOU), the secure identity platform, has posted a shareholder letter containing its 2025 first quarter financial results on its Investor Relations website at https://ir.clearme.com.

    CLEAR will host a conference call to discuss those results at 8:00 AM (ET) today. Investors and analysts can access the live teleconference call by dialing toll-free 888-645-4404 for U.S. participants and +1-862-298-0702 for international participants. Listeners can access the live webcast HERE. A webcast replay will be available after the event on the investor relations website at https://ir.clearme.com.

    About CLEAR
    CLEAR’s mission is to strengthen security and create frictionless experiences. With over 31 million Members and a growing network of partners across the world, CLEAR’s identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell Member data. For more information, visit clearme.com.

    Media Contact
    CLEAR
    media@clearme.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Katapult to Announce First Quarter 2025 Financial Results on May 15, 2025

    Source: GlobeNewswire (MIL-OSI)

    PLANO, Texas, May 08, 2025 (GLOBE NEWSWIRE) — Katapult Holdings, Inc. (NASDAQ: KPLT), an e-commerce-focused financial technology company, today announced it will release its first quarter 2025 financial results before the market opens on Thursday, May 15, 2025. The company will host a conference call and webcast to discuss these results at 8:00 AM ET that same day.

    A live audio webcast of the conference call will be available on the Katapult Investor Relations website at http://ir.katapultholdings.com/. A replay will be available on the investor relations website following the call.

    About Katapult

    Katapult is a technology driven lease-to-own platform that integrates with omni-channel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. Through our point-of-sale (POS) integrations and innovative mobile app featuring Katapult Pay™, consumers who may be unable to access traditional financing can shop a growing network of merchant partners. Our process is simple, fast, and transparent. We believe that seeing the good in people is good for business, humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity.

    For more information, visit www.katapult.com.

    Contact:

    Jennifer Kull
    VP of Investor Relations
    IR@katapult.com

    The MIL Network –

  • MIL-OSI: Cenovus announces first-quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its first-quarter 2025 financial and operating results. The company generated more than $1.3 billion in cash from operating activities, $2.2 billion of adjusted funds flow and $983 million of free funds flow. Operating results in the quarter were strong, with Upstream production increasing to 818,900 barrels of oil equivalent per day (BOE/d)1 while Downstream crude throughput was 665,400 barrels per day (bbls/d), representing an overall utilization rate of 92%.

    The Board of Directors has approved an 11% increase in the base dividend to $0.80 per share annually, beginning in the second quarter of 2025. Consistent with Cenovus’s financial framework, the base dividend is underpinned by our growth plan and resilience at a US$45 WTI oil price.

    Highlights

    • Upstream production of 818,900 BOE/d, maintaining near-record performance and exceeding the previous quarter.
    • Continued momentum in Downstream performance, including record utilization of 104% in Canadian Refining, with 90% utilization and adjusted market capture2,3 of 62% in U.S. Refining.
    • Returned $595 million to shareholders, including $62 million through share purchases, $333 million through common and preferred share dividends, and $200 million through the redemption of Cenovus’s Series 5 preferred shares on March 31, 2025. The company subsequently purchased 10.9 million common shares for $178 million between April 1 and May 5, 2025.
    • Progressed all Upstream growth projects as planned, including introduction of steam to the first two well pads at Narrows Lake with first oil expected early in the third quarter, as well as completing preparations for tow-out of the concrete gravity structure (CGS) and the topsides for the West White Rose project.

    “We delivered strong operational performance across our integrated portfolio, while significantly progressing our major growth projects toward completion,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “Combined with our commitment to financial discipline and cost control, we are well positioned to effectively navigate market volatility and continue to grow shareholder returns.”

    Financial summary

    ($ millions, except per share amounts) 2025 Q1 2024 Q4 2024 Q1
    Cash from (used in) operating activities 1,315 2,029 1,925
    Adjusted funds flow2 2,212 1,601 2,242
    Per share (diluted)2 1.21 0.87 1.19
    Capital investment 1,229 1,478 1,036
    Free funds flow2 983 123 1,206
    Excess free funds flow2 373 (416) 832
    Net earnings (loss) 859 146 1,176
    Per share (diluted) 0.47 0.07 0.62
    Long-term debt, including current portion 7,524 7,534 7,227
    Net debt 5,079 4,614 4,827


    Production and throughput

    (before royalties, net to Cenovus) 2025 Q1 2024 Q4 2024 Q1
    Oil and NGLs (bbls/d)1 670,900 670,600 658,200
    Conventional natural gas (MMcf/d) 887.9 873.3 855.8
    Total upstream production (BOE/d)1 818,900 816,000 800,900
    Total downstream crude throughput (bbls/d) 665,400 666,700 655,200

    1See Advisory for production by product type.

    2Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.

    3Adjusted Market Capture excludes the impact of inventory holding gains or losses. See Advisory for more details.


    First-quarter results

    Operating1

    Cenovus’s total revenues were $13.3 billion in the first quarter, up from $12.8 billion in the fourth quarter of 2024, primarily due to rising commodity prices. Upstream revenues were $8.3 billion, an increase from $7.3 billion in the previous quarter, while Downstream revenues were $7.7 billion compared with $7.8 billion in the prior quarter.

    Total operating margin4 was $2.8 billion, compared with $2.3 billion in the previous quarter. Upstream operating margin5 was $3.0 billion, an increase from $2.7 billion in the fourth quarter due to higher benchmark oil prices and favourable timing differences between production and sales. The company had a Downstream operating margin5 shortfall of $237 million compared with a shortfall of $396 million in the previous quarter, as adjusted market capture6 in U.S. Refining improved to 62%. Operating margin in the U.S. Refining segment included a $23 million inventory holding loss and $81 million of turnaround expenses.

    Total Upstream production was 818,900 BOE/d in the first quarter, up from 816,000 BOE/d in the fourth quarter. Christina Lake production was 237,800 bbls/d, compared with 251,400 bbls/d in the prior quarter, having benefited from higher production rates following its fall turnaround. Foster Creek production was 202,700 bbls/d compared with 195,200 bbls/d in the fourth quarter, reflecting a successful well optimization program and two new sustaining well pads being brought online. Sunrise production was 52,100 bbls/d compared with 53,100 bbls/d in the fourth quarter. Production from the Lloydminster thermal assets increased to 109,900 bbls/d from 108,900 bbls/d in the prior quarter, while Lloydminster conventional heavy oil output rose to 21,800 bbls/d from 18,000 bbls/d in the fourth quarter. Production in the Conventional segment was 123,900 BOE/d, up from 117,800 BOE/d in the previous quarter.

    In the Offshore segment, production was 68,800 BOE/d compared with 69,700 BOE/d in the fourth quarter. In Asia Pacific, production volumes were 57,200 BOE/d, lower than 62,200 BOE/d in the previous quarter, primarily due to timing of condensate lifting in Indonesia in the first quarter. In the Atlantic region, production was 11,600 bbls/d, an increase from 7,500 bbls/d in the prior quarter, due to increased output at the partner-operated Terra Nova field and the return to operations of the SeaRose floating production, storage and offloading (FPSO) vessel in the White Rose field.

    Total Downstream crude throughput in the first quarter was 665,400 bbls/d, in line with fourth quarter throughput of 666,700 bbls/d. Crude throughput in Canadian Refining was 111,900 bbls/d, representing a record utilization rate of 104%, compared with 104,400 bbls/d in the previous quarter.

    In U.S. Refining, crude throughput was 553,500 bbls/d, representing a utilization rate of 90%, compared with 562,300 bbls/d in the fourth quarter. U.S. Refining revenues were $6.4 billion, slightly lower than $6.6 billion in the previous quarter. Adjusted market capture6 in the U.S. was 62%, compared with 52% in the fourth quarter, benefiting from improved process unit reliability and the return of the Lima Refinery to full operations following a turnaround completed in the fourth quarter of 2024, while continuing to be impacted by a narrow heavy oil price differential.

    4Non-GAAP financial measure. Total operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.
    5Specified financial measure. See Advisory.
    6Contains a non-GAAP financial measure. See Advisory.


    Financial

    Cash from operating activities in the first quarter was $1.3 billion, compared with $2.0 billion in the fourth quarter. Adjusted funds flow was $2.2 billion, compared with $1.6 billion in the prior quarter, and excess free funds flow (EFFF) was $373 million, compared with a shortfall of $416 million in the fourth quarter. Net earnings in the first quarter were $859 million, compared with $146 million in the previous quarter. First-quarter financial results improved in part due to higher benchmark prices, higher Upstream sales volumes and improved Downstream market capture relative to the fourth quarter.

    Long-term debt, including the current portion, was $7.5 billion as at March 31, 2025. Net debt increased from December 31, 2024 to $5.1 billion as at March 31, 2025, as free funds flow of $983 million was more than offset by returns to shareholders of $595 million, including the redemption of $200 million of Cenovus’s Series 5 preferred shares on March 31, 2025, and a $861 million build of non-cash working capital. The company continues to steward toward net debt of $4.0 billion and returning 100% of EFFF to shareholders over time in accordance with its financial framework.

    In the first quarter of 2025, the company received a rating upgrade from Moody’s to Baa1 with a stable outlook. Cenovus remains committed to maintaining its investment grade credit ratings at S&P Global Ratings, Moody’s, Morningstar DBRS and Fitch Ratings.

    Growth projects

    In the Oil Sands segment, steaming of the first two well pads in the Narrows Lake field began in late April. The project remains on track for first oil early in the third quarter of 2025, as planned. At Sunrise, one well pad was brought online in April as the company continues to progress the facility’s growth plan to access higher-quality resource and fully utilize the asset’s steam capacity. The optimization project at Foster Creek is now approximately 75% complete and remains on schedule for startup in 2026. Preparations are being made to complete critical project tie-ins during the Foster Creek turnaround in the second quarter of 2025.

    The West White Rose project continues to progress toward installation and commissioning of the offshore platform later this year. Preparations are underway to tow the CGS to its field location in the second quarter, where it will be mated with the topsides in the third quarter. The West White Rose project is now approximately 90% complete and remains on-schedule for first oil in the second quarter of 2026.

    “These oil sands growth projects access some of the best resources in our portfolio,” McKenzie said. “At both Narrows Lake and Sunrise, we’re moving into new higher-quality development areas, which will drive lower steam-to-oil ratios and increased production without adding any new steam capacity and at a low capital cost. Once the West White Rose project is operating, we’ll be adding around 45,000 bbls/d of light sweet oil production tied to global pricing, generating significant free cash flow.”

    Dividend declarations and share purchases

    The Board of Directors has declared a quarterly base dividend of $0.20 per common share, payable on June 30, 2025, to shareholders of record as of June 13, 2025.

    In addition, the Board has declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares – Series 1, Series 2 and Series 7 – payable on June 30, 2025, to shareholders of record as of June 13, 2025, as follows:

    Preferred shares dividend summary

    Share series Rate (%) Amount ($/share)
    Series 1 2.577 0.16106
    Series 2 4.568 0.28472
    Series 7 3.935 0.24594

    All dividends paid on Cenovus’s common and preferred shares will be designated as “eligible dividends” for Canadian federal income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.

    In the first quarter, the company returned $595 million to shareholders, composed of $62 million from its purchase of 3 million shares through its normal course issuer bid (NCIB), $333 million through common and preferred share dividends and $200 million through the redemption of Cenovus’s Series 5 preferred shares. Subsequent to the quarter, the company purchased 10.9 million common shares through May 5, 2025 for $178 million.

    2025 planned maintenance

    The following table provides details on planned maintenance activities at Cenovus assets in 2025 and anticipated production or throughput impacts.

    Potential quarterly production/throughput impact (Mbbls/d or MBOE/d)

    (MBOE/d or Mbbls/d) Q2 Q3 Q4 Annualized impact
    Upstream
    Oil Sands 30 – 40 5 – 7 – 10 – 12
    Offshore – 4 – 6 – 1 – 2
    Conventional – – – –
    Downstream
    Canadian Refining – – – –
    U.S. Refining 35 – 45 2 – 4 6 – 10 13 – 17


    Potential turnaround expenses

    ($ millions) Q2 Q3 Q4 Annualized impact
    Downstream
    Canadian Refining – – – –
    U.S. Refining 240 – 295 80 – 95 40 – 50 440 – 520

    Conference call today

    Cenovus will host a conference call today, May 8, 2025, starting at 9 a.m. MT (11 a.m. ET).

    For analysts wanting to join the call, please register in advance at Conference call registration.

    To participate in the live conference call, you must complete the online registration form in advance of the conference call start time. Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

    An audio webcast will also be available and archived for approximately 30 days.

    Cenovus will also host its Annual Meeting of Shareholders today, May 8, 2025, in a virtual format beginning at 1 p.m. MT (3 p.m. ET). The webcast link to the Shareholders Meeting is available under Shareholder information in the Investors section of cenovus.com.

    Advisory

    Basis of Presentation

    Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) Accounting Standards.

    Barrels of Oil Equivalent

    Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

    Product types

    Product type by operating segment Three months ended
    March 31, 2025
    Oil Sands
    Bitumen (Mbbls/d) 602.5
    Heavy crude oil (Mbbls/d) 21.8
    Conventional natural gas (MMcf/d) 11.4
    Total Oil Sands segment production (MBOE/d) 626.2
    Conventional
    Light crude oil (Mbbls/d) 5.2
    Natural gas liquids (Mbbls/d) 20.5
    Conventional natural gas (MMcf/d) 589.3
    Total Conventional segment production (MBOE/d) 123.9
    Offshore
    Light crude oil (Mbbls/d) 11.6
    Natural gas liquids (Mbbls/d) 9.3
    Conventional natural gas (MMcf/d) 287.2
    Total Offshore segment production (MBOE/d) 68.8
    Total Upstream production (MBOE/d) 818.9


    Forward‐looking Information

    This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “drive”, “plan”, “position”, “progress”, “steward”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: Net Debt; returning Excess Free Funds Flow to shareholders; navigating market volatility and growing shareholder returns; financial discipline and cost control; growth plans and projects; delivering long-term shareholder value; production guidance; the optimization project and turnaround at Foster Creek; timing of first oil at Narrows Lake; timing of well pads and first oil at Sunrise; the installation and commissioning of, and timing of first oil from, the West White Rose project; free cash flow; 2025 planned maintenance; and dividend payments.

    Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: the allocation of free funds flow; commodity prices, inflation and supply chain constraints; Cenovus’s ability to produce on an unconstrained basis; Cenovus’s ability to access sufficient insurance coverage to pursue development plans; Cenovus’s ability to deliver safe and reliable operations and demonstrate strong governance; and the assumptions inherent in Cenovus’s 2025 corporate guidance available on cenovus.com.

    The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024.

    Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2024 and March 31, 2025 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).

    Specified Financial Measures

    This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the period ended March 31, 2025 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus’s website at cenovus.com) which is incorporated by reference into this news release.

    Upstream Operating Margin and Downstream Operating Margin

    Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 to the interim Consolidated Financial Statements.

    Total Operating Margin

    Total Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.

      Upstream (7) Downstream (7) Total
    ($ millions) Q1 2025 Q4 2024 Q1 2024 Q1 2025 Q4 2024 Q1 2024 Q1 2025 Q4 2024 Q1 2024
    Revenues
    Gross Sales 9,252 8,240 7,864 7,705 7,837 8,233 16,957 16,077 16,097
    Less: Royalties (906) (914) (747) — — — (906) (914) (747)
      8,346 7,326 7,117 7,705 7,837 8,233 16,051 15,163 15,350
    Expenses
    Purchased Product 1,167 1,000 771 7,082 7,364 6,885 8,249 8,364 7,656
    Transportation and Blending 3,247 2,816 2,811 — — — 3,247 2,816 2,811
    Operating 893 842 898 854 866 787 1,747 1,708 1,685
    Realized (Gain) Loss on Risk Management (9) (2) 6 6 3 1 (3) 1 7
    Operating Margin 3,048 2,670 2,631 (237) (396) 560 2,811 2,274 3,191

    7Found in the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements. Revenues and purchased product for Q1 2024 Downstream operations were revised. See Note 21 of our March 31, 2025, interim Consolidated Financial Statements.


    Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow

    The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.

      Three Months Ended
    ($ millions) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Cash From (Used in) Operating Activities (8) 1,315 2,029 1,925
    (Add) Deduct:      
    Settlement of Decommissioning Liabilities (36) (64) (48)
    Net Change in Non-Cash Working Capital (861) 492 (269)
    Adjusted Funds Flow 2,212 1,601 2,242
    Capital Investment 1,229 1,478 1,036
    Free Funds Flow 983 123 1,206
    Add (Deduct):      
    Base Dividends Paid on Common Shares (327) (330) (262)
    Purchase of Common Shares under Employee Benefit Plan (58) (43) —
    Dividends Paid on Preferred Shares (6) (18) (9)
    Settlement of Decommissioning Liabilities (36) (64) (48)
    Principal Repayment of Leases (83) (80) (70)
    Acquisitions, Net of Cash Acquired (100) (3) (10)
    Proceeds From Divestitures — (1) 25
    Excess Free Funds Flow 373 (416) 832

    8Found in the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements.


    Adjusted Market Capture

    Adjusted market capture contains a non-GAAP financial measure and is used in the company’s U.S. Refining segment to provide an indication of margin captured relative to what was available in the market based on widely-used benchmarks. Cenovus defines adjusted market capture as refining margin, net of holding gains and losses, divided by the weighted average 3-2-1 market benchmark crack, net of RINs, expressed as a percentage. The weighted average crack spread, net of RINs, is calculated on Cenovus’s operable capacity-weighted average of the Chicago and Group 3 3-2-1 benchmark market crack spreads, net of RINs.

    The company previously disclosed market capture which did not exclude the effect of inventory holding gains or losses. Cenovus replaced market capture with adjusted market capture to exclude the impact of inventory holding gains or losses. The company believes this metric provides more comparability and accuracy when measuring the cash generating performance of our downstream operations. Comparative periods were revised to conform with our current presentation.

    ($ millions) Three months ended
    March 31, 2025    		 Three months ended
    December 31, 2024
    Revenues (9) 6,423 6,574
    Purchased Product (9) 6,006 6,296
    Gross Margin 417 278
    Inventory Holding (Gain) Loss 23 45
    Adjusted Gross Margin 440 323
    Total Processed Inputs (Mbbls/d) 581.0 588.4
    Adjusted Gross Margin ($/bbl) 8.41 5.98
    Operable Capacity (Mbbls/d) 612.3 612.3
    Operable Capacity by Regional Benchmark (percent)
    Chicago 3-2-1 Crack Spread Weighting 81 81
    Group 3 3-2-1 Crack Spread Weighting 19 19
    Benchmark Prices and Exchange Rate
    Chicago 3-2-1 Crack Spread (US$/bbl) 13.68 12.12
    Group 3 3-2-1 Crack Spread (US$/bbl) 16.48 12.66
    RINs (US$/bbl) 4.76 4.02
    US$ per C$1 – Average 0.697 0.715
    Weighted Average Crack Spread, Net of RINs ($/bbl) 13.58 11.47
    Adjusted Market Capture (percent) 62 52

    9Found in Note 1 of the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements.


    Cenovus Energy Inc.

    Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

    Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

    Cenovus contacts

    Investors
    Investor Relations general line
    403-766-7711

    Media
    Media Relations general line
    403-766-7751

    The MIL Network –

  • MIL-OSI: Enerflex Ltd. Announces First Quarter 2025 Financial and Operational Results

    Source: GlobeNewswire (MIL-OSI)

    ADJUSTED EBITDA OF $113 MILLION AND FREE CASH FLOW OF $85 MILLION

    EI CONTRACT BACKLOG AND ES BACKLOG OF $1.5 BILLION AND $1.2 BILLION, RESPECTIVELY, PROVIDING SOLID OPERATIONAL VISIBILITY

    REDUCED BANK ADJUSTED NET DEBT-TO-EBITDA RATIO TO 1.3x1 AT THE END OF Q1/25

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) today reported its financial and operational results for the three months ended March 31, 2025.

    All amounts presented are in U.S. Dollars unless otherwise stated.

    Q1/25 FINANCIAL AND OPERATIONAL OVERVIEW

    • Generated revenue of $552 million compared to $638 million in Q1/24 and $561 million in Q4/24.
      • Lower revenue compared with the prior year is primarily attributed to upfront revenue recognized in the Energy Infrastructure (“EI”) product line in Q1/24 on the extension and modification of an existing EI contract previously accounted for as an operating lease in the Eastern Hemisphere (“EH”) region.
    • Recorded gross margin before depreciation and amortization of $161 million, or 29% of revenue, compared to $119 million, or 19% of revenue in Q1/24 and $174 million, or 31% of revenue during Q4/24.
      • EI and After-Market Services (“AMS”) product lines generated 70% of consolidated gross margin before depreciation and amortization during Q1/25.
      • Engineered Systems (“ES”) gross margin before depreciation and amortization increased to 18% in Q1/25 compared to 5% in Q1/24 primarily due to costs recognized in Q1/24 related to an international ES project. ES gross margin before depreciation and amortization decreased compared to Q4/24 due to product mix.
    • Adjusted earnings before finance costs, income taxes, depreciation, and amortization (“adjusted EBITDA”) of $113 million compared to $69 million in Q1/24 and $121 million during Q4/24. The year-over-year increase in adjusted EBITDA was primarily due to costs recognized related to an international ES project in Q1/24.
    • SG&A was $57 million for the three months ended March 31, 2025, a decrease of $21 million from the same period in 2024, primarily due to decreased share-based compensation resulting from mark-to-market volatility on share prices in the first quarter of 2025, and lower costs and improved efficiencies, partially offset by executive transition costs.
    • Cash provided by operating activities was $96 million, which included net working capital recovery of $34 million. This compares to cash provided by operating activities of $101 million in Q1/24 and $113 million in Q4/24. Free cash flow increased to $85 million in Q1/25 compared to $72 million during Q1/24 and $76 million during Q4/24 primarily due to lower maintenance capital spend.
    • Return on capital employed (“ROCE”)2 increased to 14.2% in Q1/25 compared to 0.6% in Q1/24 and 10.3% in Q4/24. ROCE benefitted from an increase in trailing 12-month EBIT and lower average capital employed, predominantly due to a decline in net debt.
    • Invested $33 million in the business, consisting of $14 million in capital expenditures ($6 million for growth) and $19 million for expansion of an EI project in the EH region that will be accounted for as a finance lease.
    • Enerflex recorded ES bookings of $205 million during Q1/25, compared to $420 million during the same period of 2024. First quarter bookings were impacted by accelerated customer activity in the latter part of the fourth quarter of 2024, predominantly in the North America (“NAM”) segment, which resulted in select orders being pulled forward, and customers pausing some decisions on expenditures due to commodity price volatility and evolving market conditions. The Company continues to closely monitor activity levels and will adjust its business as appropriate. Enerflex’s backlog remains healthy at $1.2 billion at March 31, 2025.
    • Enerflex’s U.S. contract compression business continues to perform well, led by increasing natural gas production in the Permian.
      • This business generated revenue of $36 million and gross margin before depreciation and amortization of 72% during Q1/25 compared to $36 million and 75% in Q1/24 and $36 million and 78% during Q4/24.
      • Utilization remained stable at 94% across a fleet size of approximately 448,000 horsepower. Enerflex expects its North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025.
    • The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on June 3, 2025, to shareholders of record on May 21, 2025.

    BALANCE SHEET AND LIQUIDITY

    • Enerflex exited Q1/25 with net debt of $564 million, which included $75 million of cash and cash equivalents, a reduction of $179 million compared to Q1/24 and $52 million lower than the fourth quarter of 2024.
    • Enerflex’s bank-adjusted net debt-to-EBITDA ratio was approximately 1.3x at the end of Q1/25, down from 2.2x at the end of Q1/24 and 1.5x at the end of Q4/24.

    MANAGEMENT COMMENTARY

    Preet S. Dhindsa, Enerflex’s President & Chief Executive Officer (Interim), stated: “We are pleased to report another strong quarter of financial and operational results. Our Energy Infrastructure and After-Market Services business lines continue to deliver steady performance and reinforce Enerflex’s ability to generate sustainable returns across our global platform. Visibility for the ES product line remains solid, with backlog exiting Q1/25 at $1.2 billion, although we continue to closely monitor evolving market conditions and will adjust this business as appropriate. Despite increasing near-term risk and uncertainty, the fundamental drivers behind our business remain intact, namely global energy security and the shift toward low-emissions natural gas. Each of our business lines are delivering solid results and we believe all are well positioned to benefit from these fundamental drivers.”

    Joe Ladouceur, Enerflex’s Chief Financial Officer (Interim), stated, “Enerflex repaid an additional $74 million of debt during Q1/25 and reduced our leverage ratio to 1.3 times, reflective of strong operational execution and disciplined capital allocation. Our priorities are generating sustainable free cash flow, solidifying our balance sheet health, and positioning the Company for long-term growth and value creation. We’re sharpening our focus on boosting profitability, strengthening the resilience of our core operations, and ensuring Enerflex generates sustained, attractive returns for shareholders.”

    SUMMARY RESULTS

        Three months ended March 31,  
    ($ millions, except percentages)   2025     2024  
    Revenue   $ 552     $ 638  
    Gross margin     128       87  
    Gross margin as a percentage of revenue     23.2 %     13.6 %
    Selling, general and administrative expenses (“SG&A”)     57       78  
    Foreign exchange loss     –       1  
    Operating income     71       8  
    EBITDA1     105       47  
    EBIT1     66       3  
    EBT1     43       (23 )
    Net earnings (loss)     24       (18 )
    Long-term debt     639       853  
    Net debt2     564       743  
    Cash provided by operating activities     96       101  
                 
    Key Financial Performance Indicators (“KPIs”)            
    ES bookings3   $ 205     $ 420  
    ES backlog3     1,206       1,266  
    EI contract backlog4     1,497       1,639  
    Gross margin before depreciation and amortization (“Gross margin before D&A”)5     161       119  
    Gross margin before D&A as a percentage of revenue5     29.2 %     18.7 %
    Adjusted EBITDA6     113       69  
    Free cash flow7     85       72  
    Bank-adjusted net debt to EBITDA ratio7   1.3x     2.2x  
    Return on capital employed (“ROCE”)7,8     14.2 %     0.6 %

    1EBITDA is defined as earnings before finance costs, income taxes, depreciation and amortization. EBIT is defined as earnings before finance costs and income taxes. EBT is defined as earnings before taxes.
    2Net debt is defined as total long-term debt less cash and cash equivalent as presented in the Financial Statements.
    3Refer to the “ES Bookings and Backlog” section of the MD&A for further details.
    4Refer to the “EI Contract Backlog” section of the MD&A for further details.
    5Refer to the “Gross Margin by Product line” section of the MD&A for further details.
    6Refer to the “Adjusted EBITDA” section of the MD&A for further details.
    7Refer to the “Non-IFRS Measures” section of the MD&A for further details.
    8Determined by using the trailing 12-month period.

    Enerflex’s interim consolidated financial statements and notes (the “financial statements”) and Management’s Discussion and Analysis (“MD&A”) as at March 31, 2025, can be accessed on the Company’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    OUTLOOK

    Industry Update

    Enerflex continues to expect operating results to be underpinned by the highly contracted EI product line and the recurring nature of AMS, which together are expected to account for approximately 65% of gross margin before depreciation and amortization during 2025. The EI product line is supported by customer contracts expected to generate approximately $1.5 billion of revenue over their remaining terms.

    Visibility for the ES product line remains solid, with a backlog of approximately $1.2 billion as at March 31, 2025, the majority of which is expected to convert into revenue over the next 12 months. During 2025, ES gross margins are expected to align more closely with historical averages, reflecting both weaker domestic natural gas prices through much of 2024 and a shift in project mix.

    While near-term ES revenue is expected to remain steady, Enerflex continues to closely monitor evolving market conditions and increased near-term risk and uncertainty, including the impact of tariffs and lower oil prices, and will adjust its business as appropriate. The Company expects to be partially protected from the direct and indirect impact of tariffs through its diversified operations and on-going risk management efforts. Enerflex’s operations in the USA, Canada and Mexico are largely distinct in the client partners and projects they serve. USA is Enerflex’s largest operating region, generating 45% of consolidated revenue on a trailing-twelve month basis by destination of sale, and we believe the Company is well positioned to benefit from growth in domestic energy production. Enerflex’s operations in Canada and Mexico generated 11% and 3% of consolidated revenue on a trailing twelve-month basis, respectively.

    Despite increased near-term risk and uncertainty for the ES product line, recent domestic natural gas prices have been constructive, and the medium-term outlook for ES products and services remains attractive, supported by anticipated growth in natural gas and produced water volumes across Enerflex’s global footprint.

    Capital Spending

    Enerflex continues to target a disciplined capital program in 2025, with total capital expenditures of $110 million to $130 million. This includes a total of approximately $70 million for maintenance and property, plant and equipment (“PP&E”) capital expenditures and growth spending of $40 million to $60 million. Disciplined capital spending will focus on customer supported opportunities primarily in the USA. Notably, the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian basin and capital spending discipline from market participants. Enerflex will continue to make selective customer supported growth investments in this business.

    Capital Allocation

    Providing meaningful direct shareholder returns is a priority for Enerflex, reflected through the 50% increase of the Company’s third quarter 2024 dividend, and implementation of the Normal Course Issuer Bid (“NCIB”).

    The NCIB commenced on April 1, 2025 and will terminate no later than March 31, 2026. Under the NCIB, the Company is authorized to acquire up to a maximum of 6,159,695 Common Shares or approximately 5% of its public float as at the application date, for cancellation. During the month of April 2025, Enerflex repurchased 690,500 Common Shares at an average price of CAD$10.15 per share.

    Going forward, capital allocation decisions will be based on delivering value to Enerflex shareholders and measured against Enerflex’s ability to maintain balance sheet strength. In addition to increases in the Company’s dividend, share repurchases, and disciplined growth capital spending, Enerflex will also consider further debt reduction to strengthen its balance sheet and lower net finance costs. Unlocking greater financial flexibility positions the Company to respond to evolving market conditions and capitalize on opportunities to optimize its debt stack.

    DIVIDEND DECLARATION

    Enerflex is committed to paying a sustainable quarterly cash dividend to shareholders. The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on June 3, 2025, to shareholders of record on May 21, 2025.

    CONFERENCE CALL AND WEBCAST DETAILS

    Investors, analysts, members of the media, and other interested parties, are invited to participate in a conference call and audio webcast on Thursday, May 8, 2025 at 8:00 a.m. (MDT), where members of senior management will discuss the Company’s results. A question-and-answer period will follow.

    To participate, register at https://register-conf.media-server.com/register/BIbf48293aea6d4b518127ab7e050c6058. Once registered, participants will receive the dial-in numbers and a unique PIN to enter the call. The audio webcast of the conference call will be available on the Enerflex website at www.enerflex.com under the Investors section or can be accessed directly at https://edge.media-server.com/mmc/p/oqas9bdk.

    NON-IFRS MEASURES

    Throughout this news release and other materials disclosed by the Company, Enerflex employs certain measures to analyze its financial performance, financial position, and cash flows, including net debt-to-EBITDA ratio and bank-adjusted net debt-to-EBITDA ratio. These non-IFRS measures are not standardized financial measures under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, non-IFRS measures should not be considered more meaningful than generally accepted accounting principles measures as indicators of Enerflex’s performance. Refer to “Non-IFRS Measures” of Enerflex’s MD&A for the three months ended March 31, 2025, for information which is incorporated by reference into this news release and can be accessed on Enerflex’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    ADJUSTED EBITDA

        Three months ended March 31, 2025  
    ($ millions)   NAM     LATAM     EH     Total  
    Net earnings1                     $ 24  
    Income taxes1                       19  
    Net finance costs1,2                       23  
    EBIT3   $ 38     $ 19     $ 12     $ 66  
    Depreciation and Amortization     16       11       12       39  
    EBITDA   $ 54     $ 30     $ 24     $ 105  
    Share-based compensation     (2 )     (1 )     –       (3 )
    Impact of finance leases                        
    Principal payments received     –       –       8       8  
    Loss on redemption options3                       3  
    Adjusted EBITDA   $ 52     $ 29     $ 32     $ 113  

    1The Company included net earnings (loss), income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.
    3EBIT includes $3 million loss on redemption options associated with the Notes. Debt is managed within Corporate and is not allocated to reporting segments.

        Three months ended March 31, 2024  
    ($ millions)   NAM     LATAM     EH     Total  
    Net loss1                     $ (18 )
    Income taxes1                       (5 )
    Net finance costs1,2                       26  
    EBIT   $ 33     $ 5     $ (35 )   $ 3  
    Depreciation and amortization     18       10       16       44  
    EBITDA   $ 51     $ 15     $ (19 )   $ 47  
    Restructuring, transaction and integration costs     3       2       1       6  
    Share-based compensation     3       1       2       6  
    Impact of finance leases                        
    Upfront gain     –       –       (3 )     (3 )
    Principal payments received     –       –       13       13  
    Adjusted EBITDA   $ 57     $ 18     $ (6 )   $ 69  

    1The Company included net earnings (loss), income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.

    FREE CASH FLOW

    The Company defines free cash flow as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for EI assets – operating leases and PP&E, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets – operating leases are added back. Free cash flow may not be comparable to similar measures presented by other companies as it does not have a standardized meaning under IFRS. Management uses this non-IFRS measure to assess the level of free cash generated to fund other non-operating activities. These activities could include dividend payments, share repurchases, and non-mandatory debt repayments. Free cash flow is also used in calculating the dividend payout ratio.

        Three months ended March 31,  
    ($ millions, except percentages)   2025     2024  
    Cash provided by operating activities before changes in working capital and other1   $ 62     $ 18  
    Net change in working capital and other     34       83  
    Cash provided by operating activities2   $ 96     $ 101  
    Less:            
    Capital expenditures – Maintenance and PP&E     (8 )     (9 )
    Capital expenditures – Growth     (6 )     (8 )
    Mandatory debt repayments     –       (10 )
    Lease payments     (6 )     (4 )
    Add:            
    Proceeds on disposals of PP&E and EI assets – operating leases     9       2  
    Free cash flow   $ 85     $ 72  
    Dividends paid     6       2  
    Dividend payout ratio     7.1 %     2.8 %

    1Enerflex also refers to cash provided by operating activities before changes in working capital and other as “Funds from operations” or “FFO”.
    2Enerflex also refers to cash provided by operating activities as “Cashflow from operations” or “CFO”.

    BANK-ADJUSTED NET DEBT-TO-EBITDA RATIO

    The Company defines net debt as short- and long-term debt less cash and cash equivalents at period end, which is then divided by EBITDA for the trailing 12 months. In assessing whether the Company is compliant with the financial covenants related to its debt instruments, certain adjustments are made to net debt and EBITDA to determine Enerflex’s bank-adjusted net debt-to-EBITDA ratio. These adjustments and Enerflex’s bank-adjusted net-debt-to EBITDA ratio are calculated in accordance with, and derived from, the Company’s financing agreements.

    GROSS MARGIN BEFORE DEPRECIATION AND AMORTIZATION

    Gross margin before depreciation and amortization is a non-IFRS measure defined as gross margin excluding the impact of depreciation and amortization. The historical costs of assets may differ if they were acquired through acquisition or constructed, resulting in differing depreciation. Gross margin before depreciation and amortization is useful to present operating performance of the business before the impact of depreciation and amortization that may not be comparable across assets.

    ADVISORY REGARDING FORWARD-LOOKING INFORMATION

    This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with “forward-looking information”, “FLI”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are FLI. The use of any of the words “anticipate”, “believe”, “could”, “expect”, “future”, “may”, “potential”, “should”, “will” and similar expressions, (including negatives thereof) are intended to identify FLI.

    In particular, this news release includes (without limitation) FLI pertaining to:

    • expectations that the North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025;
    • Enerflex’s ability to generate sustainable free cash flow, solidify its balance sheet health, and position the Company for long-term growth and value creation, and the time required in connection therewith, if at all;
    • disclosures under the heading “Outlook” including:
      • the highly contracted EI product line and the recurring nature of AMS will, together, account for approximately 65% of Enerflex’s gross margin before depreciation and amortization during 2025;
      • customer contracts within Enerflex’s EI product line will generate approximately $1.5 billion of revenue over their remaining terms;
      • a majority of the ES product line backlog of approximately $1.2 billion as at March 31, 2025, will convert into revenue over the next 12 months;
      • ES gross margins are expected to align more closely with historical averages while near term ES revenue will remain steady;
      • expectations that the Company will be partially protected from the direct and indirect impact of tariffs through its diversified operations and on-going risk management efforts;
      • in respect of the USA, expectations that the Company is well positioned to benefit from growth in domestic energy production;
      • natural gas and produced water volumes are anticipated to grow across Enerflex’s global footprint, supporting an attractive medium-term outlook for ES products and services;
      • total capital expenditures in 2025 will be $110 million to $130 million which includes approximately $70 million for maintenance and PP&E capital expenditures and growth spending of $40 million to $60 million;
      • capital spending will focus on customer supported opportunities primarily in the USA;
      • the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian basin and capital spending discipline from market participants;
      • considerations to further reduce debt to strengthen our balance sheet and lower net financing costs and that doing so will position the Company to respond to evolving market conditions and capitalize on opportunities to optimize its debt stack;
    • the ability of Enerflex to continue to pay a sustainable quarterly cash dividend; and
    • using free cash generated to fund other non-operating activities including dividend payments, share repurchases, and non-mandatory debt repayments, if at all.

    FLI reflect management’s current beliefs and assumptions with respect to such things as the impact of general economic conditions; commodity prices; the markets in which Enerflex’s products and services are used; general industry conditions, forecasts, and trends; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; availability of qualified personnel; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. More specifically, Enerflex’s expectations in respect of its FLI are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends, including but not limited to:

    • the ability of the Company to adjust the business as appropriate in response to ES activity levels, evolving market conditions, and increased near-term risk and uncertainty, including the impact of tariffs and lower oil prices;
    • market dynamics, including increased energy demand, infrastructure development, and production activity, will drive growth in natural gas and produced water volumes across Enerflex’s global footprint;
    • market conditions, customer activity, and industry fundamentals will support stable demand across Enerflex’s product lines and geographic regions throughout 2025;
    • the high level of contractual commitments within the EI product line and the predictable, recurring revenue from AMS will continue;
    • existing customer contracts within the EI product line will remain in effect and with no material cancellations or renegotiations over their remaining terms;
    • the execution of projects within the ES product line will proceed as scheduled and the conversion to revenue will proceed without significant delays or cancellations;
    • no significant unforeseen cost overruns or project delays;
    • market conditions continuing to support the NCIB within the anticipated timeframe; and
    • Enerflex will maintain sufficient cash flow, profitability, and financial flexibility to support the ongoing payment of a sustainable quarterly cash dividend, subject to market conditions, operational performance, and board approval.

    As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, the FLI. The principal risks, uncertainties and other factors affecting Enerflex and its business are identified under the heading “Risk Factors” in: (i) Enerflex’s Annual Information Form for the year ended December 31, 2024, dated February 27, 2025; and (ii) Enerflex’s Annual Report dated February 26, 2025, copies of which are available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    The FLI included in this news release are made as of the date of this news release and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This news release and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.

    The outlook provided in this news release is based on assumptions about future events, including economic conditions and proposed courses of action, based on Management’s assessment of the relevant information currently available. The outlook is based on the same assumptions and risk factors set forth above and is based on the Company’s historical results of operations. The outlook set forth in this news release was approved by Management and the Board of Directors. Management believes that the prospective financial information set forth in this news release has been prepared on a reasonable basis, reflecting Management’s best estimates and judgments, and represents the Company’s expected course of action in developing and executing its business strategy relating to its business operations. The prospective financial information set forth in this news release should not be relied on as necessarily indicative of future results. Actual results may vary, and such variance may be material.

    ABOUT ENERFLEX

    Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, deploying natural gas, low-carbon, and treated water solutions – from individual, modularized products and services to integrated custom solutions. With over 4,600 engineers, manufacturers, technicians, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the energy transition and growing decarbonization efforts.

    Enerflex’s common shares trade on the Toronto Stock Exchange under the symbol “EFX” and on the New York Stock Exchange under the symbol “EFXT”. For more information about Enerflex, visit www.enerflex.com.

    For investor and media enquiries, contact:

    Preet S. Dhindsa
    President and Chief Executive Officer (Interim)
    E-mail: PDhindsa@enerflex.com

    Joe Ladouceur
    Chief Financial Officer (Interim)
    E-mail: JLadouceur@enerflex.com

    Jeff Fetterly
    Vice President, Corporate Development and Capital Markets
    E-mail: JFetterly@enerflex.com

    The MIL Network –

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    Final Words About 7Bit: The Best Online Casino in Ontario

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    Whether you’re chasing the best online pokies, immersive live dealer experiences, or competitive sports betting, 7Bit Casino delivers on every front. Its commitment to responsible gambling, community engagement, and industry innovation further solidifies its leadership.

    Don’t miss the opportunity to join Ontario’s premier online casino. Sign up today and claim your welcome bonus to experience why 7Bit Casino is the top choice among the best online casinos in Ontario!

    ✅Unlock Your 325% Bonus – Up to $10,800 CAD + 250 Free Spins!

    Email: Support@7bitCasino.com

    Disclaimer and Affiliate Disclosure

    This article is for informational and promotional purposes only and does not constitute legal, financial, or professional advice. Readers should verify information independently before acting on it. Affiliate links may generate commissions at no additional cost to users. Gambling is intended for individuals of legal age (19 in Ontario) and should be conducted responsibly. Seek help from certified organizations like Gamblers Anonymous for gambling addiction. All trademarks and brand names are the property of their respective owners. By reading this article, you acknowledge that you do so at your own risk and agree to hold the publisher, affiliates, and contributors harmless from any liability arising from its use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3a46ab4c-dc1e-452b-b7c9-48abff55ce3b

    The MIL Network –

  • MIL-OSI: Best Online Casinos 2025: 7Bit Ranked Top Real Money Online Casino With Exclusive Bonuses & Secure Payment Methods

    Source: GlobeNewswire (MIL-OSI)

    JERSEY CITY, N.J., May 08, 2025 (GLOBE NEWSWIRE) — After A Thorough Review By Our Expert Team, 7Bit Casino Is Recognized As The Best Online Casino For 2025, Offering An Extensive Collection Of Over 7,000 Games, Exciting Bonuses, And Seamless Payouts, All While Ensuring A Secure And Player-Friendly Environment.

    In the bustling world of online gambling, finding the best online casino can feel overwhelming with so many options. After diving deep into reviews and player feedback, 7Bit Casino stands out as our top choice for 2025. It’s packed with over 7,000 games, from slots to live dealer tables, and offers juicy bonuses like a 325% match up to 5.25 BTC plus 250 free spins. Whether you’re spinning reels or betting on blackjack, 7Bit delivers a real money experience that’s hard to beat.

    Ready to jump in? Click here to join 7Bit Casino and grab your welcome bonus today!

    Why 7Bit Casino?

    7Bit Casino, around for over a decade, nails what players want: privacy, speed, and fun. It’s a no KYC casino for crypto users, meaning you can play without sharing tons of personal info, which is a big plus for privacy lovers. Plus, payouts are lightning-fast, especially with crypto, often hitting your wallet in minutes. It’s not just about the games; it’s about the whole experience, from easy sign-ups to 24/7 help if you need it.

    A Closer Look at the Best Online Casino: 7Bit Casino

    7Bit Casino has earned its spot as the best online casino for 2025, and here’s why it’s our favorite. With more than 10 years under its belt, it knows how to keep players happy, especially those chasing the best online casino real money vibes.

    Standout Features

    First off, the welcome bonus is a game-changer. New players get a 325% match up to 5.25 BTC plus 250 free spins spread over four deposits. Imagine boosting your bankroll right off the bat—that’s what 7Bit does, making it the best online casino sign-up bonus around. For example, a $100 deposit could net you extra funds and spins to try out slots like Book of Dead.

    But wait, there’s more! 7Bit keeps the excitement going with ongoing deals like reload bonuses, free spins, and cashback offers. They’ve got tournaments too, like Pragmatic Play’s Drops and Wins with big prize pools, so there’s always something to chase.

    Game Galore

    Games? Oh, they’ve got over 7,000, from classic slots to live dealer blackjack. Whether you’re into fast-paced action or strategic play, 7Bit’s got you covered. Top providers like NetEnt, Microgaming, and Evolution Gaming power these games, ensuring they’re fair and fun. It’s like having a casino in your pocket, perfect for online gambling for real money.

    Payments and Privacy

    Paying in and out is a breeze. You can use crypto like Bitcoin or stick with regular options like Visa or Pay ID. Crypto payouts are super quick, sometimes in minutes, which is why 7Bit’s a top pick for those wanting the best online casino payouts. And if you value privacy, it’s a no KYC casino for crypto, meaning less hassle and more play.

    Support That’s Always On

    Need help? 7Bit’s customer support is there 24/7 via live chat or email. They’re quick to fix issues, making your time at one of the best online casinos stress-free. It’s all about making sure you enjoy the ride, whether you’re new or a seasoned player.

    In short, 7Bit Casino’s mix of big bonuses, tons of games, fast payouts, and player-friendly features makes it our go-to real money casino for 2025.

    GET YOUR 325% BONUS UP TO 5.25 BTC + 250 FREE SPINS HERE!

    Pros and Cons

    Here’s a quick rundown of what’s great and what could use a tweak at 7Bit Casino:

    Pros:

    • Big Welcome Bonus: 325% up to 5.25 BTC + 250 free spins over four deposits.
    • Huge Game Library: Over 7,000 games, from slots to live dealer tables.
    • Lightning-Fast Payouts: Crypto withdrawals in minutes, perfect for real cash online casino fans.
    • Always There Help: 24/7 support via chat or email.
    • Privacy First: No KYC for crypto, making it a safe online casino.
    • Play Anywhere: Mobile site works great on phones and tablets.

    Cons:

    • Tricky Bonus Rules: Some bonuses need 40-45x wagering, which can be tough.
    • Bonus Limits: Some deals only work on slots, not table games like poker.

    How To Join 7Bit Casino

    Getting started at 7Bit, one of the best online casinos, is super easy. Even if you’re new, you’ll be playing in minutes. Here’s how:

    1. Visit 7Bit Casino: Click here to go straight to the sign-up page.
    2. Make an Account: Hit “Sign Up,” enter your email, password, and currency. It’s quick, especially for crypto users with no KYC.
    3. Add Some Money: Go to the cashier, pick crypto (like Bitcoin) or regular options (Pay ID, Visa), and deposit enough for the bonus.
    4. Use the Bonus Code: If needed, type in the promo code (check the site for current ones, like “2DEP” for your second deposit).
    5. Get Your Bonus: After depositing and entering the code, 7Bit adds bonus cash and spins to your account.
    6. Start Playing for Real Money: Use your funds and bonuses to dive into games and chase those wins.

    Pro Tip: Double-check your email and promo code to avoid missing out. Wrong entries won’t get you the bonus, so visit 7Bit’s promotions page for details.

    How We Picked The Best Online Casino

    We didn’t just pick 7Bit out of a hat. We looked at what really matters to make sure it’s the best online casino for real money play. Here’s how it stacked up:

    • License and Safety: 7Bit’s got a Curacao eGaming license, a trusted name in online gambling. It uses top-notch SSL encryption to keep your data safe and games are provably fair, so you know it’s legit.
    • Bonuses and Deals: The 325% welcome bonus up to 5.25 BTC + 250 free spins is huge, and they’ve got ongoing offers like cashback and free spins. It’s all about giving you more value.
    • Available Games: Over 7,000 games mean you’ll never run out of options, from slots to live dealer tables. It’s a playground for all tastes.
    • Game Makers: Top providers like NetEnt, Microgaming, and Evolution Gaming ensure games are fair, look great, and play smoothly.
    • Payment Options: You can use crypto for instant payouts or stick with Visa, Pay ID, and more. It’s flexible and fast, perfect for top online casinos real money players.
    • Help When You Need It: 24/7 live chat and email support mean help’s always a click away, making it a reliable real money online casino.

    7Bit’s strong across the board, making it our pick for the best online casino in 2025.

    GET YOUR 325% BONUS UP TO 5.25 BTC + 250 FREE SPINS HERE!

    Top Casino Games At The Best Online Casino

    7Bit Casino’s game lineup is a big reason it’s the best online casino. Here’s what you can dive into:

    Online Slots

    Slots are the star here, with thousands to choose from. From simple 3-reel classics to flashy video slots with bonuses and big jackpots, there’s something for everyone. Try hits like Starburst or Mega Moolah for a shot at huge wins, making it ideal for casino games that pay real money.

    Blackjack

    Love a challenge? Blackjack lets you beat the dealer to 21, mixing luck and strategy. 7Bit’s got classic, multi-hand, and live dealer versions, so you can play your way at this top online casino.

    Roulette

    Roulette’s all about chance, betting on where the ball lands. 7Bit offers American, European, and French styles, plus live tables for that real casino feel. It’s simple and thrilling, perfect for online gambling for real money.

    Poker

    Poker fans can enjoy video poker or live tables like Texas Hold’em and Caribbean Stud. It’s all about strategy and big payouts, fitting right into the best real money online casino vibe.

    Live Dealer Games

    Want the real deal? 7Bit’s live dealer section, powered by Evolution Gaming, brings blackjack, roulette, and baccarat to your screen with real dealers. It’s like being at a fancy casino, and it’s a highlight of top online casinos.

    With so many options, 7Bit ensures every player finds their favorite way to win real money online instantly.

    CLAIM YOUR 325% BONUS UP TO 5.25 BTC + 250 FREE SPINS NOW AND START WINNING BIG!

    Secure Payment Methods At Real Money Casinos

    7Bit Casino makes paying easy and safe, which is key for the best online casinos for real money. Here’s what you can use:

    Bitcoin (BTC)

    • Type: Cryptocurrency
    • Processing Time: Instant
    • Notes: Fast, private, fee-free

    Ethereum (ETH)

    • Type: Cryptocurrency
    • Processing Time: Instant
    • Notes: Secure, quick transactions

    Litecoin (LTC)

    • Type: Cryptocurrency
    • Processing Time: Instant
    • Notes: Low fees, speedy

    Visa/Mastercard

    • Type: Traditional
    • Processing Time: Instant (deposits), 1-3 days (withdrawals)
    • Notes: Familiar, widely accepted

    Pay ID

    • Type: E-Wallet
    • Processing Time: Instant
    • Notes: Fast, secure, no bank details

    Skrill

    • Type: E-Wallet
    • Processing Time: Instant
    • Notes: Privacy-focused, quick

    Bank Transfer

    • Type: Traditional
    • Processing Time: 3-5 days
    • Notes: Secure for large sums, slower
    • Cryptocurrencies: Use Bitcoin, Ethereum, or Litecoin for instant deposits and withdrawals, keeping things private and fast. It’s a big reason 7Bit’s a top pick for online casinos that pay real cash.
    • Debit/Credit Cards: Visa and Mastercard are great for quick deposits, though withdrawals take a few days, standard for real money casinos.
    • E-Wallets: Pay ID, Skrill, and Neteller let you pay without sharing bank details, perfect for privacy at a safe online casino.
    • Bank Transfers: Good for big transactions, but expect a wait of 3-5 days.

    7Bit’s payment options ensure you can manage funds easily, making it one of the best paying online casinos.

    Playing Smart At Online Casinos

    Gambling at 7Bit Casino should be fun, not stressful. They’ve got tools to help you stay in control:

    • Deposit Limits: Set how much you can add daily, weekly, or monthly to keep spending in check.
    • Loss Limits: Cap how much you can lose over a set time to avoid chasing losses.
    • Wagering Limits: Limit your bets to stay disciplined, perfect for online gambling for real money.
    • Session Time Limits: Track and cap how long you play to balance gaming with life.
    • Cooling-off Periods: Take a break by pausing your account for a while.
    • Reality Checks: Get pop-up reminders of how long you’ve been playing to stay mindful.

    7Bit also links to support organizations for problem gambling, ensuring a safe experience at this best online casino. Remember, only wager what you can afford to lose.

    Conclusion: The Best Online Casino For 2025

    After checking out tons of platforms, we’re calling it: 7Bit Casino is the best online casino for 2025. With over 7,000 games—from slots like Mega Moolah to live blackjack—it’s a playground for all. The 325% welcome bonus up to 5.25 BTC is a huge kickstart, and crypto payouts are lightning-fast. As a no KYC casino, it’s perfect for privacy, and options like Pay ID make regular payments smooth. Sure, some bonus rules are tricky, and bank transfers are slow, but those are small compared to what 7Bit brings.

    With a solid Curacao license and tight security, 7Bit’s the real deal. Ready to play? Sign up, grab your bonus, and see why it’s the best online casino out there at 7Bit Casino.

    Common Inquiries About The Best Online Casinos

    What makes 7Bit Casino the best online casino for 2025?

    7Bit stands out with over 7,000 games, a 325% bonus up to 5.25 BTC + 250 spins, fast payouts, and no KYC for crypto, making it top for real money play.

    Is 7Bit Casino safe and legit?

    Yes, it’s licensed by Curacao, uses SSL encryption, and offers provably fair games, ensuring a secure and fair experience at a legit online casino.

    What payment methods does 7Bit Casino accept?

    7Bit accepts cryptocurrencies like Bitcoin, Ethereum, and traditional options like Visa, Pay ID, Skrill, ensuring flexibility for real money casinos.

    Can I play on 7Bit Casino from my mobile device?

    Absolutely, 7Bit’s mobile-optimized site works great on phones and tablets, offering seamless access to games and bonuses at the best online casino.

    What are the wagering requirements for bonuses at 7Bit Casino?

    Bonuses typically require 40-45x wagering, so check the terms. It’s standard for top online casinos, but can be challenging for some players.

    Email: support@7bitcasino.com

    Disclaimer and Affiliate Disclosure

    Legal Disclaimer

    This content is for info and fun only, not legal, financial, or gambling advice. Check local laws before playing. Gamble responsibly, only bet what you can afford. Seek help from NCPG if needed. Some links may earn us a commission at no cost to you, based on objective reviews.

    Disclaimer: 7Bit Casino promotes responsible gambling. Verify local laws before playing, as it may not be licensed for New Jersey. Gamble only with funds you can afford to lose.

    Gambling online comes with financial risks. Make sure you meet the legal age requirement (19+) in your region and follow local laws. Always engage in responsible gambling and check 7Bit’s official site for the latest terms, as promotions and payment methods may be updated.

    General Disclaimer

    This article is for informational and entertainment purposes only, not legal or financial advice. Content is based on research and user reviews as of writing. No warranties are made, and users must verify information before acting.

    Casino and Gambling Disclaimer

    Online gambling carries risks and isn’t for everyone. Confirm you’re of legal gambling age in your jurisdiction. Gambling laws vary, and compliance is your responsibility. We don’t promote gambling; participation is at your risk. 7Bit Casino is a third-party platform, and we’re not liable for losses or disputes.

    Affiliate Disclosure

    This article may include affiliate links, earning us a commission at no cost to you for qualifying actions. These support our content. Our reviews are unbiased, and we recommend only valuable products.

    A photo accompanying this announcement is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/1df27c57-fc29-4385-b7fb-0f16b6d505d9

    The MIL Network –

  • MIL-OSI: IDEX Biometrics ASA: Registration of share capital increase – 8 May 2025

    Source: GlobeNewswire (MIL-OSI)

    Reference is made to the announcement by IDEX Biometrics ASA on 5 May 2025 regarding the results of the exercise of Warrants B. A total of 36,767 Warrants B were exercised, resulting in an aggregate subscription for 36,767 new shares, each Warrant B having an exercise price of NOK 0.15.

    The share capital increase has duly been registered in the Norwegian Register of Business Enterprises.

    Following the share capital increase, the company’s share capital will be NOK 38,316,309.99, divided into 3,831,630,999 shares, each with a nominal value of NOK 0.01.

    For further information, please contact:

    Kristian Flaten, CFO, Tel: +47 95092322

    E-mail: ir@idexbiometrics.com

    About IDEX Biometrics:

    IDEX Biometrics ASA (IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.  For more information, visit www.idexbiometrics.com

    About this notice:

    This notice was published by Kristian Flaten, CFO, 8 May 2025 at 11:15 CET on behalf of IDEX Biometrics ASA.  This information is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 5-12.

    The MIL Network –

  • MIL-OSI: Form 8.5 (EPT/RI) – FD Technologies Plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.5 (EPT/RI)

    PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
    Rule 8.5 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)        Name of exempt principal trader: Investec Bank plc
    (b)        Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 FD Technologies plc
    (c)        Name of the party to the offer with which exempt principal trader is connected: Investec is Advisor and Joint Broker to FD Technologies plc
    (d)        Date dealing undertaken: 07th May 2025
    (e)        In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchases/ sales Total number of securities Highest price per unit paid/received Lowest price per unit paid/received

    Ordinary

    		 Purchases 77,332 2360 1950

    Ordinary

    		 Sales 73,731 2360 1950

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    N/A N/A N/A N/A N/A

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    N/A N/A N/A N/A N/A N/A N/A N/A

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit
    N/A N/A N/A N/A N/A

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    N/A N/A N/A N/A

    3.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
    (i)        the voting rights of any relevant securities under any option; or
    (ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None
    Date of disclosure: 08thMay 2025
    Contact name: Abhishek Gawde
    Telephone number: +91-9923757332

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –